Tag: Edexcel

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:
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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:
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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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Business Studies Multiple Choice Question – 1 November 2017

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

A part of a market that contains a group of buyers with similar characteristics is called a market?

Select ONE answer:

  1. Opportunity
  2. Map
  3. Segment
  4. Gap
  5. Resource

Why is understanding whether your total market can be segmented down to specific groups of buyers with similar characteristics important to businesses?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 3 – A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. Each market segment is unique, and businesses use various criteria to create a target market for their product or service. Businesses approach each segment differently, after fully understanding the needs, lifestyles, demographics and personality of the target consumer within the segment.

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Business Studies Multiple Choice Question – 31 October 2017

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

Which ONE of the following is NOT an appropriate method of market research for a new small business?

Select ONE answer:

  1. Counting for a day the number of customers that enter the shopping centre they want to locate in.
  2. Employing a specialist market research company to carry out a face-to-face survey of 20,000 people
  3. Using published government statistics about market trends in customer purchases
  4. Asking customers to fill in a short questionnaire on their premises
  5. Conducting an interview with a group of volunteer customers

Why is using published government statistics on market and consumer trends something all businesses should do in their research about business prospects?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 2 – The cost of carrying out a face-to-face survey of 20,000 people using a specialist market research company would be prohibitive for a new small business

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Business Studies Multiple Choice Question – 30 October 2017

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

Jeremy runs Nolans, a car service centre in Leeds In the last 3 years his profit has fallen from £98,000 to £12,000. He is thinking of doing some primary market research to find out possible reasons for this. His aim is to collect some qualitative data from customers.

Which ONE of the following is an example of qualitative data for Jeremy?

Select ONE answer:

  1. The number of car owner within a 5 mile radius of Nolans’s premises.
  2. Information about the views of existing customers
  3. The percentage decline in market share of his business in recent years
  4. The current value of the market share of his business in the City of Leeds.
  5. The number of car service centres in Yorkshire

Why would knowing the number of car owners within a specific radius of a business’s location be important information for a business to have?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 2 – The views of existing customers would provide qualitative data (opinions) not quantitative data (facts and numbers) as the other 4 options would do.

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