Business Studies Multiple Choice Question – 23 November 2017

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

A market has grown by 25% and is now worth £50,000. What was it worth before?

Select ONE answer:

  1. £60,000
  2. £50,000
  3. £25,000
  4. £40,000
  5. £5,000

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

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

The answer is 4 – £50,000 / 1.25 = £40,000. Or £40,000 * 1.25 or 25% = £50,000

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Business Studies Multiple Choice Question – 22 November 2017

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

Qualitative research focuses on?

Select ONE answer:

  1. The feelings and behaviours of consumers
  2. The younger population
  3. The company’s own data
  4. Government statistics
  5. Economic data

When might qualitative research be useful:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 1 – The qualitative approach to gathering information focuses on describing a phenomenon in a deep comprehensive manner. This is generally done in interviews, open-ended questions, or focus groups. In most cases, a small number of participants participate in this type of research, because to carry out such a research endeavor requires many resources and much time. Interviews can vary from being highly structured and guided by open-ended questions, or be less structured and take the form of a conversational interview. Because of the investment in this type of research and the relatively few number of participants, findings from qualitative research cannot be generalized to the whole population. However, such research serves as a spring board for larger studies and deeper understanding that can inform theory, practice, and specific situations.

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Accounting Multiple Choice Question – 21 November 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 for Product Z.

Table 18

What would be the difference between the profit for the month using absorption costing and the profit for the month using marginal costing?

Select ONE answer:

  1. Absorption costing profit would be £500 lower
  2. Absorption costing profit would be £1,500 higher
  3. Absorption costing profit would be £1,500 lower
  4. Absorption costing profit would be £3,000 higher
  5. Absorption costing profit would be £3,000 lower

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 2 – There has been an increase of 50 units in inventory. Each one has absorbed £30 of overhead (£5*6 hours) which means that £1,500 of extra profit in the month will have been generated by an increase in current assets.

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Accounting Multiple Choice Question – 20 November 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 for the single product manufactured by a business.

Table 17

How many units must the business sell to produce an annual profit of £80 000?

Select ONE answer:

  1. 7,477 units
  2. 14,036 units
  3. 15,888 units
  4. 29,825 units
  5. 38,555 units

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 contribution per unit is £10.70. If you multiply it by 15,888 units the contribution is £170,001.60 which if you take away the £90,000 of fixed costs leaves you with an annual profit of £80,000. The budgeted production information is a distraction.

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Accounting Multiple Choice Question – 19 November 2017

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

The following budgeted information is available for Product Y for August 2016.

Table 16

How many kg of material will be purchased during July 2016?

Select ONE answer:

11,200 kg
13,000 kg
15,200 kg
17,000 kg
21,000 kg

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 – We assume that the business purchased at least the quantity required to make the budgeted sales i.e. 3,000 * 5kg or 15,000 kg. The increase in finished goods inventory would necessitate in theory 400 units * 5 kg of extra purchases or 2,000 kg making a total of 17,000 kg. However, the decrease in raw material inventory of 1,800 kg means that the actual purchases of the month would be 17,000 kg – 1,800 kg = 15,200 kg.

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