march mock, theme 1 Flashcards
1
Q
3 risks of business activities
A
- business failure
- financial loss
- lack of security
2
Q
3 rewards of business activity
A
- business success
- profit
- independence
3
Q
3 examples of secondary market research
A
- government reports
- market reports
- internet
4
Q
3 examples of primary market research
A
- questionnaires
- focus groups
- observations
5
Q
customer needs
A
- price
- product
- choice
- convenience
6
Q
3 benefits of crowd funding
A
- get people excited about the product
- don’t have to pay it back
- generate large sums
7
Q
benefit of limited liability
A
can’t loose personal assets, only ones put into the business
8
Q
2 downsides of increased interest rates
A
- have to pay more back on loans
- people less willing to spend money- bad for business
9
Q
2 benefits of contactless payments
A
- efficient
- people can use their cards around the world and don’t have to have cash in the correct currency
10
Q
downsides of being a franchise
A
- have to pay royalties
- can’t make any business decisions
- competition can open up nearby
- one bad franchisee and the reputation of the whole brand is tainted
11
Q
how to do total interest loan calculation
A
step 1: how much you pay back
step 2: minus loan amount from total payed back
step 3: divide this from total loan amount and times by 100
