Month: January 2020

Lucy Arts LTD is a UK business selling its art products in Europe. The price per painting is £260.

The exchange rate between the pound and the Euro is £1 = €1.50

What would be the cost in Euros (to the nearest Euro) for a customer if they brought 500 paintings from Lucy Arts Ltd?

Select ONE answer:

1. €86,667
2. €173,333
3. €175,500
4. €195,000

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

Gold, a commodity, is mined in countries such as South Africa, and traded across the world?

Which ONE of the following would increase the price of gold?

Select ONE answer:

1. Improved gold mining technology increasing output
2. Decreased levels of tax on gold
3. Falling income of consumers
4. Increased cost of mining gold

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

Gold, a commodity, is mined in countries such as South Africa, and traded across the world?

Which ONE of the following would increase the price of gold?

Select ONE answer:

1. Improved gold mining technology increasing output
2. Decreased levels of tax on gold
3. Falling income of consumers
4. Industrial dispute in gold mines

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

Legislation protects workers from which ONE of the following types of discrimination?

Select ONE answer:

1. Political
2. Ethical
3. Age
4. Ability

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

Happy Covers was started by Lucy in 2017. The business hires out chair covers and ribbons for weddings, school proms and other events.

Which ONE of the following are sources of added value for Lucy’s business?

Select ONE answer:

1. Meeting legal requirements
2. Higher raw material costs
3. Reducing prices
4. Higher raw material costs

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