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GCSE BUSINESS STUDY > Business Year 11 > Flashcards

Business Year 11 Flashcards

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1
Q

What is a business?

A

An organization that provides goods or services to consumers.

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2
Q

What are the four main factors of production?

A

Land, labor, capital, and entrepreneurship.

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3
Q

True or False: A sole trader is a type of business owned by one person.

A

True.

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4
Q

What is the role of operations management in a business?

A

To oversee the production process and ensure efficiency and quality.

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5
Q

Fill in the blank: The _______ environment includes factors like economic conditions and competition.

A

business

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6
Q

What is market research?

A

The process of gathering, analyzing, and interpreting information about a market.

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7
Q

What is the purpose of human resources management?

A

To manage the workforce and ensure that the organization is staffed effectively.

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8
Q

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

A

D) Franchise

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9
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats.

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10
Q

True or False: A business’s external environment includes its suppliers.

A

True.

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11
Q

What are fixed costs?

A

Costs that do not change with the level of output.

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12
Q

What is a competitive advantage?

A

A condition that allows a company to perform better than its competitors.

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13
Q

Fill in the blank: The _______ market includes all potential buyers and sellers of a product.

A

target

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14
Q

What is the purpose of a business plan?

A

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

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15
Q

Multiple Choice: Which of the following is a primary market research method? A) Surveys B) Government reports C) Internet research D) Competitor analysis

A

A) Surveys

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16
Q

What is the definition of ‘market segmentation’?

A

The process of dividing a market into distinct groups of buyers.

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17
Q

True or False: The price elasticity of demand measures how sensitive consumer demand is to price changes.

A

True.

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18
Q

What is a mission statement?

A

A formal summary of the aims and values of a company.

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19
Q

Fill in the blank: The _______ of production refers to the resources used to create goods and services.

A

factors

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20
Q

What is the role of marketing in a business?

A

To promote and sell products or services to customers.

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21
Q

Multiple Choice: Which of the following is a method of market entry? A) Franchising B) Joint venture C) Exporting D) All of the above

A

D) All of the above

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22
Q

What is the purpose of financial management?

A

To manage the organization’s financial resources and ensure profitability.

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23
Q

What does the acronym PESTLE stand for?

A

Political, Economic, Social, Technological, Legal, Environmental.

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24
Q

True or False: A business can operate without a marketing strategy.

A

False.

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25
Q

What is a target market?

A

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

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26
Q

Fill in the blank: _______ is the process of recruiting, hiring, and training employees.

A

Human resource management

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27
Q

What is the purpose of customer service?

A

To enhance customer satisfaction and loyalty.

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28
Q

Multiple Choice: Which of the following is a source of finance for a business? A) Bank loans B) Venture capital C) Personal savings D) All of the above

A

D) All of the above

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29
Q

What is the role of supply chain management?

A

To manage the flow of goods and services from suppliers to consumers.

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30
Q

True or False: Profit is the difference between total revenue and total costs.

A

True.

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31
Q

What is an entrepreneur?

A

An individual who starts and runs a business, taking on financial risks.

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32
Q

Fill in the blank: The _______ mix refers to the combination of product, price, place, and promotion.

A

marketing

33
Q

What is branding?

A

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

34
Q

Multiple Choice: Which of the following is a disadvantage of a sole trader? A) Unlimited liability B) Easy to set up C) Complete control D) None of the above

A

A) Unlimited liability

35
Q

What is the purpose of a cash flow statement?

A

To track the flow of cash in and out of a business.

36
Q

True or False: Market share is the percentage of an industry or market’s total sales that is earned by a particular company.

A

True.

37
Q

What is corporate social responsibility (CSR)?

A

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

38
Q

Fill in the blank: _______ pricing involves setting prices based on competitors’ prices.

A

Competition-based

39
Q

What is the importance of innovation in business?

A

To create new products or improve existing ones to meet consumer needs.

40
Q

Multiple Choice: Which of the following is NOT a factor affecting consumer behavior? A) Culture B) Social status C) Business size D) Personal preferences

A

C) Business size

41
Q

What is a business’s value proposition?

A

A statement that explains how a product solves customers’ problems or improves their situation.

42
Q

True or False: A good business plan can help secure funding from investors.

A

True.

43
Q

What is the purpose of a feasibility study?

A

To assess the viability of a business idea or project.

44
Q

Fill in the blank: _______ refers to the amount of money a business makes after all expenses are paid.

A

Profit

45
Q

What is the difference between qualitative and quantitative research?

A

Qualitative research focuses on understanding opinions and motivations, while quantitative research focuses on numerical data and statistics.

46
Q

Multiple Choice: Which of the following is a characteristic of a partnership? A) Shared profits B) Limited liability C) One owner D) None of the above

A

A) Shared profits

47
Q

What is a market economy?

A

An economic system where prices and production are determined by supply and demand.

48
Q

True or False: All businesses must comply with government regulations.

A

True.

49
Q

What is the significance of customer feedback?

A

It helps businesses improve their products and services based on consumer preferences.

50
Q

Fill in the blank: The _______ cycle refers to the stages a product goes through from introduction to decline.

A

product

51
Q

What is the role of a business analyst?

A

To assess business needs and identify solutions to business problems.

52
Q

Multiple Choice: Which of the following is a type of business model? A) E-commerce B) Brick-and-mortar C) Subscription D) All of the above

A

D) All of the above

53
Q

What is a competitive analysis?

A

The assessment of the strengths and weaknesses of current and potential competitors.

54
Q

True or False: E-commerce has no impact on traditional retail businesses.

A

False.

55
Q

What is the purpose of an organizational chart?

A

To illustrate the structure of an organization and the relationships between different roles.

56
Q

Fill in the blank: _______ is the process of managing a company’s interactions with current and potential customers.

A

Customer relationship management (CRM)

57
Q

What is the importance of networking in business?

A

It helps build relationships that can lead to new opportunities and partnerships.

58
Q

Multiple Choice: Which of the following is a method of promotion? A) Advertising B) Public relations C) Sales promotions D) All of the above

A

D) All of the above

59
Q

What is the significance of setting SMART goals?

A

SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound, which help in effective planning.

60
Q

True or False: A business’s brand is only about its logo.

A

False.

61
Q

What is an income statement?

A

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

62
Q

Fill in the blank: _______ refers to the total value of goods and services produced in a country.

A

Gross Domestic Product (GDP)

63
Q

What is the role of a marketing manager?

A

To develop marketing strategies and oversee marketing campaigns.

64
Q

Multiple Choice: Which of the following is a factor that influences business location? A) Proximity to suppliers B) Accessibility to customers C) Cost of rent D) All of the above

A

D) All of the above

65
Q

What is the importance of a unique selling proposition (USP)?

A

It differentiates a product from competitors and attracts customers.

66
Q

True or False: Businesses can be categorized as either for-profit or non-profit.

A

True.

67
Q

What is the importance of employee training?

A

It enhances employee skills and improves overall business performance.

68
Q

Fill in the blank: _______ is the process of ensuring that products meet certain standards of quality.

A

Quality control

69
Q

What does ‘cash flow’ refer to?

A

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

70
Q

Multiple Choice: Which of the following is a way to increase sales? A) Improve product quality B) Lower prices C) Increase marketing efforts D) All of the above

A

D) All of the above

71
Q

What is the significance of market trends?

A

They help businesses anticipate changes in consumer preferences and adapt accordingly.

72
Q

True or False: A business’s reputation can affect its success.

A

True.

73
Q

What is the role of a financial analyst?

A

To assess financial data and provide insights for business decision-making.

74
Q

Fill in the blank: _______ is the process of identifying and managing risks in a business.

A

Risk management

75
Q

What is the importance of ethical business practices?

A

They build trust with customers and enhance the company’s reputation.

76
Q

Multiple Choice: Which of the following is a benefit of digital marketing? A) Wider reach B) Cost-effective C) Measurable results D) All of the above

A

D) All of the above

77
Q

What is the purpose of employee performance reviews?

A

To evaluate employee performance and provide feedback for improvement.

78
Q

True or False: A successful marketing campaign requires a clear target audience.

A

True.

GCSE BUSINESS STUDY (4 decks)

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