Month: January 2020

Identify how Lucy could have protected her recipe for tomato sauce from being copied by her competitors?

Select ONE answer:

1. Trademark
2. Business Plan
3. Patent
4. Copyright

Show the workings to arrive at your answer, and explain and justify your reasons:

Which ONE of the following is the most likely effect of massive floods on the market for potatoes in the UK?

Select ONE answer:

1. The demand for potatoes will increase
2. The demand for potatoes will decrease
3. The price of potatoes will increase
4. The price of potatoes will decrease

Show the workings to arrive at your answer, and explain and justify your reasons:

Which ONE of the following factors would be the LEAST important to Lucy when deciding where to locate her business?

Select ONE answer:

1. Competition
2. Customers
3. Staff
4. Supplies

Show the workings to arrive at your answer, and explain and justify your reasons:

Whilst at Art College, Lucy made Christmas cards for friends and relatives.  She wants to start a full-time business but needs to decide between setting up as a sole trader or buying into a franchise.  The market for Christmas cards is very competitive but Lucy produces a card that is designed and made to the customer’s exact requirements.

Which ONE of the following could be an advantage to Lucy if she brought into a franchise?

Select ONE answer:

1. A franchisee makes all their own decisions
2. A franchisee pays lower rates of VAT
3. The franchisor provides continued help and support
4. The franchisor pays the franchisee to set up in business

Show the workings to arrive at your answer, and explain and justify your reasons:

Whilst at Art College, Lucy made Christmas cards for friends and relatives.  She wants to start a full-time business but needs to decide between setting up as a sole trader or buying into a franchise.  The market for Christmas cards is very competitive but Lucy produces a card that is designed and made to the customer’s exact requirements.

Which ONE of the following could be an advantage to Lucy if she brought into a franchise?

Select ONE answer:

1. A franchisee makes all their own decisions
2. A franchisee pays lower rates of VAT
3. The franchisor provides continued help and support
4. The franchisor pays the franchisee to set up in business

Show the workings to arrive at your answer, and explain and justify your reasons: