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GCSE BUSINESS STUDY > Business Year 11 > Flashcards

Business Year 11 Flashcards

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
What is a target market?
A specific group of consumers at which a business aims its products and services.
26
Fill in the blank: _______ is the process of recruiting, hiring, and training employees.
Human resource management
27
What is the purpose of customer service?
To enhance customer satisfaction and loyalty.
28
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
D) All of the above
29
What is the role of supply chain management?
To manage the flow of goods and services from suppliers to consumers.
30
True or False: Profit is the difference between total revenue and total costs.
True.
31
What is an entrepreneur?
An individual who starts and runs a business, taking on financial risks.
32
Fill in the blank: The _______ mix refers to the combination of product, price, place, and promotion.
marketing
33
What is branding?
The process of creating a unique name and image for a product in the consumer's mind.
34
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) Unlimited liability
35
What is the purpose of a cash flow statement?
To track the flow of cash in and out of a business.
36
True or False: Market share is the percentage of an industry or market's total sales that is earned by a particular company.
True.
37
What is corporate social responsibility (CSR)?
A business model that helps a company be socially accountable to itself, its stakeholders, and the public.
38
Fill in the blank: _______ pricing involves setting prices based on competitors' prices.
Competition-based
39
What is the importance of innovation in business?
To create new products or improve existing ones to meet consumer needs.
40
Multiple Choice: Which of the following is NOT a factor affecting consumer behavior? A) Culture B) Social status C) Business size D) Personal preferences
C) Business size
41
What is a business's value proposition?
A statement that explains how a product solves customers' problems or improves their situation.
42
True or False: A good business plan can help secure funding from investors.
True.
43
What is the purpose of a feasibility study?
To assess the viability of a business idea or project.
44
Fill in the blank: _______ refers to the amount of money a business makes after all expenses are paid.
Profit
45
What is the difference between qualitative and quantitative research?
Qualitative research focuses on understanding opinions and motivations, while quantitative research focuses on numerical data and statistics.
46
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) Shared profits
47
What is a market economy?
An economic system where prices and production are determined by supply and demand.
48
True or False: All businesses must comply with government regulations.
True.
49
What is the significance of customer feedback?
It helps businesses improve their products and services based on consumer preferences.
50
Fill in the blank: The _______ cycle refers to the stages a product goes through from introduction to decline.
product
51
What is the role of a business analyst?
To assess business needs and identify solutions to business problems.
52
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
D) All of the above
53
What is a competitive analysis?
The assessment of the strengths and weaknesses of current and potential competitors.
54
True or False: E-commerce has no impact on traditional retail businesses.
False.
55
What is the purpose of an organizational chart?
To illustrate the structure of an organization and the relationships between different roles.
56
Fill in the blank: _______ is the process of managing a company's interactions with current and potential customers.
Customer relationship management (CRM)
57
What is the importance of networking in business?
It helps build relationships that can lead to new opportunities and partnerships.
58
Multiple Choice: Which of the following is a method of promotion? A) Advertising B) Public relations C) Sales promotions D) All of the above
D) All of the above
59
What is the significance of setting SMART goals?
SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound, which help in effective planning.
60
True or False: A business's brand is only about its logo.
False.
61
What is an income statement?
A financial report that shows a company's revenues and expenses over a specific period.
62
Fill in the blank: _______ refers to the total value of goods and services produced in a country.
Gross Domestic Product (GDP)
63
What is the role of a marketing manager?
To develop marketing strategies and oversee marketing campaigns.
64
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
D) All of the above
65
What is the importance of a unique selling proposition (USP)?
It differentiates a product from competitors and attracts customers.
66
True or False: Businesses can be categorized as either for-profit or non-profit.
True.
67
What is the importance of employee training?
It enhances employee skills and improves overall business performance.
68
Fill in the blank: _______ is the process of ensuring that products meet certain standards of quality.
Quality control
69
What does 'cash flow' refer to?
The total amount of money being transferred in and out of a business.
70
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
D) All of the above
71
What is the significance of market trends?
They help businesses anticipate changes in consumer preferences and adapt accordingly.
72
True or False: A business's reputation can affect its success.
True.
73
What is the role of a financial analyst?
To assess financial data and provide insights for business decision-making.
74
Fill in the blank: _______ is the process of identifying and managing risks in a business.
Risk management
75
What is the importance of ethical business practices?
They build trust with customers and enhance the company's reputation.
76
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
D) All of the above
77
What is the purpose of employee performance reviews?
To evaluate employee performance and provide feedback for improvement.
78
True or False: A successful marketing campaign requires a clear target audience.
True.

GCSE BUSINESS STUDY (4 decks)

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