Business Studies Multiple Choice Question – 15 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A “Question Mark” product in the Boston Matrix has?

Select ONE answer:

  1. Low sales in a slow-growth market
  2. Low sales in a high-growth market
  3. High sales in a slow-growth market
  4. High sales in a high-growth market
  5. is a mature product

Identify and give an example of ONE high-growth and ONE mature market you have seen recently:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 2 – A Question Mark has a low market share or sales in a fast-growing market. Whilst this type of product is likely to generate some revenue it may not be enough to sustain rapid growth and it may become a net consumer of cash as it struggles to retain its market share.

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Business Studies Multiple Choice Question – 14 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Attempts to prevent the sales of a product from declining are called?

Select ONE answer:

  1. Extrapolation strategies
  2. Extension strategies
  3. Expulsion strategies
  4. Extensive strategies
  5. Excellent strategies

Give THREE example of this strategy you have seen recently:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 2 – An extension strategy is a practice used by businesses to increase the market share for a given product or service in order to keep it in the maturity phase of the marketing product lifecycle rather than see it going into decline.

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Business Studies Multiple Choice Question – 13 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The Boston Matrix…?

Select ONE answer:

  1. Measures the sales of one product over time
  2. Measures the cash-flow position of a firm over time
  3. Shows the profits of one company relative to others
  4. Shows the position of a firm’s products in terms of market share and market growth
  5. Forecasts the sales of a firm’s product

How is the Boston Matrix used in marketing planning?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 4 – Like Ansoff’s matrix, the Boston Matrix is a well known tool for the marketing manager. It was developed by a large US consulting group called Boston Consulting and is an approach to product portfolio planning. It has two determining aspects namely relative market share (which is relative to your competition) and market growth.

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Accounting Multiple Choice Question – 12 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

At 30 November, Charles is owed a total of £72,660 by his customers. His receivables allowance brought forward from the previous year end is £11,700. He estimates that his receivables allowance should be equivalent to 15% of the amounts due from customers.

What value should be included in the income statement for receivables expense for the year to 30 November?

Select ONE answer:

  1. £801 debit
  2. £10,899 debit
  3. £801 credit
  4. £10,899 credit
  5. £11,700 credit

Show your workings to arrive at your answer, and explain and justify your reasons?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 3 – The receivables allowance should be equivalent to 15% of the amounts due from customers (£72,660 x 15% = £10,899). If a candidate completes this calculation and then reviews the choices, there is a danger that, because £10,899 is included in two of the choices, one or other of those choices will be selected. This ignores the fact that the amount to be included in the income statement is the movement in the allowance – which has fallen from £11,700 to £10,899, or £801. A reduction in the allowance will be a credit in the income statement, thus the answer is 3.

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Accounting Multiple Choice Question – 11 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Information relating to two production processes F&G Are as follows:

Table 11

For each process, was there an abnormal loss or an abnormal gain? Select ONE answer:

Table 12

Show your workings to arrive at your answer, and explain and justify your reasons?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 3 – Process F’s normal loss is 8%, thus expected output is 92% of input. Input was 65,000 litres. Thus expected output would be 59,800 litres. Actual output was 58,900 litres.  As actual output was less than expected, there was an abnormal loss. For process G the normal loss is 5%, thus expected output is 95% of input. Input was 37,500 litres. Thus expected output would be 35,625 litres. Actual output was 35,700 litres. As actual output was more than expected, there was an abnormal gain.

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Accounting Multiple Choice Question – 10 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A retailer has never kept accounting records, but wishes to know the value of the business.

Which statement would provide the retailer with the value of the business?

Select ONE answer:

  1. cash flows
  2. changes in equity
  3. financial position
  4. income
  5. order book

Give two reasons why the value of a business is not included in the financial statements: ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 3 – The statement of financial position is another name for the balance sheet. It is one of the main financial statements and it reports an entity’s assets, liabilities, and the difference in their totals.  The amounts reported on the statement of financial position are the amounts as of the final moment of an accounting period.

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Accounting Multiple Choice Question – 9 October 2017

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The following information is available about rent received for the year ended 31 March 2016.

Table 10

How much should be shown as income in the income statement for the year ended 31 March 2016?

Select ONE answer:

  1. £8,410
  2. £9,250
  3. £9,380
  4. £9,510
  5. £10,350

Show your workings to arrive at your answer, and explain and justify your reasons?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Accounting KS5 classes.

The answer is 1 – Receipts during the year were £9,380 which included the moneys owed to the business in the debit balance brought forward of £550. Because there is a credit balance of £420 at the end of the year, showing moneys are owed by the business to the person renting from them, this too needs to be subtracted leaving the balance of £8,410 being the income of the year.

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