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
The marketing department collecting research from the Accounts department is primary or secondary research?
What is Quality Assurance?
Checking quality throughout the production process
What is GDP?
Gross Domestic Product
Footlocker has given its employees discounts on all products, and free health insurance. What method of motivation is this?
Fringe Benefits
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
Sales increase slowly, intense competition and a lot of advertising. Which stage of the product life cycle is it?
Maturity
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
The newly launched Super Chocolate bar's price is very cheap, cheaper than other chocolate bars, as the company wants to enter the new market. What pricing strategy has been used?
Penetration Pricing
WindowsR'US makes specialty designed windows for mansions in Los Angeles. Each window is individual and unique from all others. What method of production do they use?
Job Production
Income, VAT, Corporation