Unit 2 - GCSE Business Revision

What happens to the cost of imports as the pound(£) gets stronger?

• they get more expensive for UK customers

• no change

• they get cheaper for uk customers

• more people buy exports

Which are a possible impact for a business due to changing technology?

• more sales

• wider market to sell to

• less competition

• faster pace of change to keep up with

• customers less likely to buy as they get fed up with updates

Why is it important for businesses to be compliant with equality laws?

• so they don't upset someone

• so they don't get sued

• so they can maintain a good reputation

• so they can avoid recruiting the wrong person

What does ethical behaviour mean?

• using fair trade suppliers

• being compliant with Employment laws

• paying a fair (living wage)

• Paying Minimum Wage

Which of these apply to a business trying to operate in an environmentally friendly way?

• reducing the amount of traffic to and from stores

• sending waste to landfill sites

• publishing 'green' reports on their website

• reducing their packaging

How would a business that is environmentally responsible benefit in comparison to competitors?

• They are putting out less pollution and plastics

• Attracting customers that prefer 'greener' businesses

• Higher costs due to recyclable packaging being more expensive

• Less demand for their products because they are more expensive

Which of these factors relates to the 'external environment'?

• Changes to how much the business pays staff

• Changes in inflation

• A new Competitor entering the market

• An increase in the business's advertising budget

What is inflation?

• The relationship between costs and revenues

• How many more sales a business has made that year

• A general rise in prices over time

• The cost of borrowing and the reward for saving

Which of these is the definition of a monopoly?

• here are a small number of large businesses in a market

• There are many small businesses in a market

• There are a few large and a few small business in a market

• There is one large and dominant business in a market

Keeping inaccurate accounting records is

• ethical and legal

• a good business practice

• unethical and illegal

• unethical but not illegal