Tag: Professional Accountant

What are the four elements of the procurement mix?

Select ONE answer:

1. Price, product, place, promotion
2. Quantity, quality, price, lead time
3. Volume, variety, variation in demand and visibility
4. Costs, competitors, customers and corporate objectives

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 2

1. Notcorrect
2. Correct  –>  The four elements of the procurement mix are quantity, quality, price and lead time (2). Price, product, place and promotion (1) are the four elements of the product marketing mix, while volume, variety, variation in demand and visibility (3) are the four Vs of operations management. Costs, competitors, customers and corporate objectives (4) are the four Cs of pricing.
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Research into products which have obvious commercial or practical use is called?

Select ONE answer:

1. Market research
2. Pure research
3. Applied research
4. Process research

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 –> the market itself, not the product, while process research (4) is into processes rather than products. The aim of pure research (2) is to obtain new scientific or technical knowledge or understanding. There is no obvious commercial or practical end in view
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Alex plc has a capital-intensive operation, with specialisation of work and well-established systems for getting the work done.

Each month its operations manager, Arthur, is required to produce more items than in previous periods.

Using the four Vs model, Alex plc’s operations manager, Arthur, is therefore expected to manage?

Select ONE answer:

1. High volume and high unit costs
2. High volume and low unit costs
3. Low volume and low unit costs
4. Low volume and high unit 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 2

1. Notcorrect
2. Correct  –>  High volume lends itself to Alex pic’s capital-intensive operation, with specialisation of work and well-established systems for getting the work done. Unit costs should therefore be low for Alex plc.
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

The main influences on a business’s pricing are?

Select ONE answer:

1. Place, price, promotion and product
2. Volume , variety, variation in demand and visibility
3. Costs, competitors, customers and corporate objectives
4. People, processes and physical evidence

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 –> The main influences are costs, competitors, customers and corporate objectives (3). The concepts in 1and 4 are those of the marketing mix, while those in 2 relate to operations management.
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Alex plc is a business which accepts the needs of potential customers as the basis for its operations.

Its success is seen as being dependent on developing and marketing products that satisfy those needs.

Alex plc would be described as having?

Select ONE answer:

1. A marketing orientation
2. A sales orientation
3. A product orientation
4. A production 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 1

1. Correct – A business which accepts the needs of potential customers as the basis for its operations, and whose success is seen as being dependent on developing and marketing products that satisfy those needs would be described as having a marketing orientation.
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.