GCSE Key terms (E-G)

What does the term 'exchange rate' refer to?

• The price of goods in a store
• The amount of foreign currency that can be purchased with another currency
• The interest rate on loans
• The value of stocks in the market

Which of the following best describes exports?

• Items that are imported from other countries
• Services provided only within a country
• Goods produced in one country and sold to another
• Products that are not sold internationally

Which of the following is a source of external finance for businesses?

• Investment from family
• Profits from sales
• Personal savings of the owner
• Bank loans

What is the purpose of an extension strategy in product management?

• To create new products from scratch
• To prolong the product life cycle
• To reduce the price of existing products
• To eliminate competition in the market

How does external growth typically occur in a business?

• By improving internal processes
• By merging with or taking over another business
• By increasing the number of employees
• By reducing product prices

Which of the following best defines financial objectives?

• Goals related to employee satisfaction
• Strategies for marketing products
• Quantifiable targets for profit, sales, and costs
• Plans for expanding into new markets

How does flow production differ from other production methods?

• It is only used in the service industry.
• It requires more manual labor than other methods.
• It focuses on making large quantities of standard products.
• It is used for small batch production.

What are fixed costs in a business?

• Costs that vary with production levels
• Costs that remain constant regardless of output
• Costs associated with marketing and advertising
• Costs that are only incurred during peak seasons

What is a franchise in business terms?

• A business acquiring the right to use another's name and products
• A government-owned business
• A business that sells products online
• A type of partnership between two businesses

What is the role of focus groups in market research?

• To analyze sales data
• To gather in-depth feedback from potential consumers
• To create advertisements
• To conduct surveys on social media