Unit 1
What is a business owned and run by one person?
Sole Trader
Maslow created a Hierarchy of what?
Needs
Primary and Secondary are types of
Market Research
The ratio of inputs to outputs is
Efficiency
What does MNC stand for?
Multi-National Corporation
What is the document that shows all of the details in a partnership?
Deed of Partnership
The top of Maslow's Pyramid is...?
Self Actualisation
Secondary Research is also known as
Field Research
What is Quality Assurance?
Checking quality throughout the production process
What is GDP?
Gross Domestic Product
Theory X workers are motivated by what?
Money
Place
Making groups of products at the same time is known as
Batch Production
Which document lists assets and liabilities?
Statement of Financial Position
Measurable, Agreed/Achievable
Training given at the place of work
What are the 4Cs
Cost, Communication, Convenience and Customer
What are Diseconomies of Scale?
Who would benefit from a 'weak' exchange rate?
Exporters
Environment, Local Community and Competition are examples of...
External Stakeholders
Which department is in charge of recruitment and selection?
Human Resources
What is the name for the Pricing Strategy where one product is offered at a loss in order to attract the customer into the store to buy more stuff?
Loss-Leader
Price drops from 12 to 9, demand increases from 10 to 15. Calculate PED?
2 or -2
Income, VAT, Corporation