Tag: Business Studies

Business Studies Multiple Choice Question – 1 July 2021

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

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Jo’s Floorings is a business that installs linoleum floors, is considering the market positioning of its new range of wooden flooring products. 

Which of the following is a method of market positioning?

Select ONE answer:

  1. Product range
  2. Market sampling
  3. Market mapping
  4. Product orientation

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3

  1. Not correct
  2. Not correct
  3. Correct ==> Definition of market positioning: How you differentiate your brand, product or service from your competitors, in the mind of the customer.  Market mapping is a diagram illustrating a range of positions a business, product or service can take in a market based on any two variables that are important to customers.  By using market mapping Jo’s Floorings will be able to identify where it compares with competitors on variables such as high versus low price, and linoleum versus wooden flooring.
  4. Not correct

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Business Studies Multiple Choice Question – 30 June 2021

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

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Lucy Jewels Ltd is a family-owned jewellery business, has 15 stores and 250 employees in the UK. 

Which of the following is an example of a fixed cost for Lucy Jewels Ltd?

Select ONE answer:

  1. Store rents
  2. Delivery costs
  3. Stock purchases
  4. Packaging costs

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 1

  1. Correct ==> Definition of fixed costs: costs that do not vary with output.  Lucy Jewels Its has 15 stores which will pay an annual rent.  Rent must be paid regularly, whether or not any sales are made therefore this is a fixed cost.
  2. Not correct
  3. Not correct
  4. Not correct

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Business Studies Multiple Choice Question – 25 May 2021

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

woman draw a light bulb in white board
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UK High Street retailer, Mothercare, announced in 2019 that it was closing down all of its UK retail outlets.

This is MOST LIKELY due to an increase in….?

Select ONE answer:

  1. competition
  2. supplier credit terms
  3. cash flow
  4. turnover

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Business Studies KS4 & KS5 classes

The answer is 1

  1. Correct – Correct – Definition of competition e.g. rivalry among sellers or a substitute business in the same market. More competition may lead to Mothercare losing customers to its competitors. Therefore Mothercare may have had to close its stores due to fewer customers and lower sales, and thus less profits
  2. Not correct
  3. Not correct
  4. Not correct

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Business Studies Multiple Choice Question – 24 May 2021

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

woman draw a light bulb in white board
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The employees at JCB’s UK factories have been awarded a generous 5% pay increase and a £2,000 yearly bonus.

This is MOST LIKELY to result in….?

Select ONE answer:

  1. an increase in self-actualisation
  2. a reduction in safety needs
  3. an increase in empowerment
  4. a reduction in labour turnover

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Business Studies KS4 & KS5 classes

The answer is 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct – Definition of labour turnover e.g. the proportion of a workforce who leave within a specified time period.  The pay increase and bonus may reward/motivate employees at JCB.  This could result in fewer employees wanting to leave JCB due to the higher pay for the same amount of work.

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Business Studies Multiple Choice Question – 23 May 2021

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

woman draw a light bulb in white board
Photo by Andrea Piacquadio on Pexels.com

PolyPlac, an international supplier of plastics, has to prepare yearly budgets. It uses historical-based budgeting to calculate its sales and production budgets.

Historical-based budgeting is MOST Likely to be?

Select ONE answer:

  1. prepared from scratch
  2. planned more carefully
  3. more accurate
  4. quick to prepare

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Business Studies KS4 & KS5 classes

The answer is 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct – Definition of historical-based budgeting e.g. a budget based on figures from previous years.  PolyPlac will use their current sales and production budgets as a basis for the new budget.  This method of budgeting is therefore very easy to produce as it does not entail any complex calculations.

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