Things I Need To Work On

Question 1

What is the formula for the BEP

Answer 1

Sales - variable costs

Question 2

How do you work out variable costs?

Answer 2

Totals costs - fixed costs

Question 3

Variable cost per unit formula?

Answer 3

Number of units

Question 4

Selling price per unit formula

Answer 4

Sales devised by number of units

Question 5

Define gross profit

Answer 5

The profit made without any costs deducted from it

Question 6

Define net profit

Answer 6

When the profit has all the costs deducted from it

Question 7

Define net sales

Answer 7

The umber of sales after deduction of returns

Question 8

Define cost of goods sold?

Answer 8

Is when all the costs are added in the creating of the good

Question 9

Pricing strategies?

Answer 9

Penetration pricing - setting prices low and then raising them over time

Destroyer pricing - setting prices so low completion cannot compete

Premium pricing - setting high prices for a luxury asset

Skimming pricing - setting prices high to increase profit

Question 10

Explain the operating system?

Answer 10

Input -> process -> output

Question 11

What’s is ethically production?

Answer 11

Using recycled raw materials
Being honest with customers not misleading them
Using no harmful products

Question 12

Why is it important to for a business of be ethical?

Answer 12

Gain them a good reputation

Trusted by customers more

Question 13

What is ethical marketing?

Answer 13

When the business promote honestly and fairness

Question 14

Methods of recruitment

Answer 14

Testing - numerical, ICT skills
Cv- written by candidates
Job application- written by employers to candidates
Interviews - group or face to face one to one speaking

Question 15

Internal factors

Answer 15

Employees
Managers
Finance
Technology

Question 16

External factors

Answer 16

Pestec

Question 17

Internal stakeholders

Answer 17

Employees
Owners
Managers

Question 18

External stakeholders

Answer 18

Government 
Bank 
Customers 
Suppliers 
Local community

Question 19

What is qualities information?

Answer 19

When you get information first hand

Question 20

What is quantative information?

Answer 20

Measure in numbers eg- the number of women who use sure deodorant

Question 21

Informative advertising is?

Answer 21

It just reminding customers about your product

Question 22

Formative advertising is?

Answer 22

Selling and persuading customers to but you product

Question 23

Industrial action methods?

Answer 23

Strike - when employees don’t work at all

Overtime ban- they only work to the hours the are situated

Work to rule - only work to what there contract say

Question 24

Compare piece rate to hourly rate

Answer 24

Piece rate is when the employees are paid due to the amount of assets they make whereas hourly is how many hours they work I’m the business

Question 25

Sectors of the industry?

Answer 25

Primary secondary and tertiary

Question 26

Define the break even point

Answer 26

Total costs = total sales