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Business > Business Paper 1 > Flashcards

Business Paper 1 Flashcards

1
Q

What is the primary purpose of a business plan?

A

To outline the business goals and the strategy to achieve them.

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2
Q

True or False: A SWOT analysis includes strengths, weaknesses, opportunities, and threats.

A

True

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3
Q

Fill in the blank: The four Ps of marketing are product, price, place, and _______.

A

promotion

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4
Q

What does ‘cash flow’ refer to in a business context?

A

The total amount of money being transferred into and out of a business.

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5
Q

Multiple Choice: Which of the following is NOT a type of business ownership? A) Sole proprietorship B) Partnership C) Franchise D) Monopoly

A

D) Monopoly

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6
Q

What is meant by ‘market segmentation’?

A

The process of dividing a target market into smaller, more defined categories.

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7
Q

True or False: A limited liability company (LLC) protects its owners from personal liability.

A

True

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8
Q

Short Answer: What is the role of a board of directors in a corporation?

A

To oversee the management and make key decisions for the company.

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9
Q

What does ‘B2B’ stand for?

A

Business to Business

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10
Q

Fill in the blank: A _______ is a written document that outlines the terms of a business transaction.

A

contract

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11
Q

Multiple Choice: Which financial statement shows a company’s revenues and expenses over a specific period? A) Balance Sheet B) Income Statement C) Cash Flow Statement D) Statement of Retained Earnings

A

B) Income Statement

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12
Q

What is the definition of ‘entrepreneurship’?

A

The process of starting and operating one’s own business.

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13
Q

True or False: A competitive advantage allows a company to outperform its rivals.

A

True

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14
Q

Short Answer: What is the significance of market research?

A

To gather information about consumer needs and preferences.

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15
Q

What is ‘branding’?

A

The process of creating a unique name and image for a product in the consumer’s mind.

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16
Q

Fill in the blank: The _______ is the amount of money a business makes after all expenses are deducted.

A

profit

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17
Q

Multiple Choice: Which of the following is a common pricing strategy? A) Skimming B) Penetration C) Premium D) All of the above

A

D) All of the above

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18
Q

What is ‘corporate social responsibility’ (CSR)?

A

The concept that businesses should consider their impact on society and the environment.

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19
Q

True or False: A business’s mission statement defines its purpose and primary objectives.

A

True

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20
Q

Short Answer: What does ‘e-commerce’ refer to?

A

Buying and selling goods or services over the internet.

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21
Q

What is ‘inventory management’?

A

The process of ordering, storing, and using a company’s inventory.

22
Q

Fill in the blank: The _______ is a financial document that lists a company’s assets, liabilities, and equity at a specific point in time.

A

balance sheet

23
Q

Multiple Choice: Which of the following is a qualitative research method? A) Surveys B) Experiments C) Focus Groups D) All of the above

A

C) Focus Groups

24
Q

What does ‘return on investment’ (ROI) measure?

A

The profitability of an investment relative to its cost.

25
Q

True or False: Networking is an important aspect of business development.

A

True

26
Q

Short Answer: What is the purpose of a marketing strategy?

A

To define how a business will attract and retain customers.

27
Q

What is the primary purpose of a business plan?

A

To outline the goals, strategies, and financial projections of a business.

28
Q

True or False: A SWOT analysis includes strengths, weaknesses, opportunities, and threats.

A

True

29
Q

Fill in the blank: The four Ps of marketing are Product, Price, Place, and ______.

A

Promotion

30
Q

What does the acronym ROI stand for in business?

A

Return on Investment

31
Q

What is a target market?

A

A specific group of consumers at which a company aims its products and services.

32
Q

Multiple Choice: Which of the following is a type of business ownership? A) Corporation B) Partnership C) Sole Proprietorship D) All of the above

A

D) All of the above

33
Q

What is the definition of cash flow?

A

The total amount of money being transferred into and out of a business.

34
Q

True or False: A balance sheet shows a company’s revenues and expenses over a specific period.

A

False

35
Q

What is market segmentation?

A

The process of dividing a market into distinct groups of buyers with different needs or behaviors.

36
Q

Fill in the blank: A ______ is a detailed examination of a company’s financial performance.

A

financial analysis

37
Q

What is a unique selling proposition (USP)?

A

A factor that differentiates a product from its competitors.

38
Q

Multiple Choice: Which document outlines the terms of a loan? A) Memorandum B) Contract C) Agreement D) Prospectus

A

B) Contract

39
Q

What is an entrepreneur?

A

An individual who creates and manages a business, taking on financial risks in the hope of profit.

40
Q

True or False: Market research is only conducted after a product is launched.

A

False

41
Q

What does the term ‘brand equity’ refer to?

A

The value added to a product by having a well-known brand name.

42
Q

Fill in the blank: ______ is the process of promoting and selling products or services.

A

Marketing

43
Q

What is a business model?

A

A plan for how a company creates, delivers, and captures value.

44
Q

Multiple Choice: Which of the following is a non-profit organization? A) Charity B) Corporation C) Partnership D) LLC

A

A) Charity

45
Q

What is an income statement?

A

A financial report that shows a company’s revenues and expenses over a specific period.

46
Q

True or False: The primary goal of a business is to maximize shareholder value.

A

True

47
Q

What is supply chain management?

A

The management of the flow of goods and services from raw materials to final products.

48
Q

Fill in the blank: A ______ strategy focuses on increasing sales of existing products in existing markets.

A

market penetration

49
Q

What does the term ‘competitive advantage’ mean?

A

A condition that allows a company to produce goods or services better or more cheaply than its rivals.

50
Q

Multiple Choice: Which of the following is NOT a type of market structure? A) Monopoly B) Oligopoly C) Duopoly D) Partnership

A

D) Partnership

51
Q

What is the purpose of a marketing plan?

A

To outline a company’s strategy for reaching its target market and achieving its marketing objectives.

52
Q

True or False: A franchise is a type of business model that allows individuals to operate a business under an established brand.

A

True

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