- Study guides, Class notes & Summaries

BTEC Business Unit 3 Exam Questions And Answers. Verified And Updated. The message in advertising - Answerwhat the communication needs to say The medium in advertising - Answerget the message across to potential or current customers (target market) penetration pricing - Answersetting a low initial price on a new product to appeal immediately to the mass market Skimming pricing - Answersetting the highest initial price that customers really desiring the product are willing to pay Cost pl...

This document provides a comprehensive overview of the BTEC Business curriculum, including key topics such as marketing, finance, entrepreneurship, and business operations. It serves as a valuable resource for students and educators, offering insights into business concepts, strategies, and practices essential for academic success and career development.

An autocratic management style is_____ - correct answer when one person makes all the decisions without the views of the staff. Describe the democratic management style - correct answer Employees are asked for input when making decision, but the manager still gets the final say and makes the final decision. Describe paternalistic style of management - correct answer The manager acts as the head of the family. The manager treats the employees as a member of their own family b...

Management Styles - Management by Objectives (MBO) - correct answer Management which includes objectives set by a manager. The set objectives must be reached within a given time period. These objectives must be linked to strategic plans set out by managers in order to contribute to business success. Management Styles - Situational and Contingency Management - correct answer Management which will adapt the management approach to cater for particular circumstances. Management Style...

FCA (Financial Conduct Authority) - correct answer protect the rights of consumers, and regulates actions of financial service providers and has the power to ensure standards are maintained. FOS (Financial Ombudsman Service) - correct answer represents the consumer in disputes with financial service providers and helps to resolve them. FSCS (Financial Services Compensation Scheme) - correct answer pays compensation to customers of financial service companies and their saving...

unit of account - correct answer places value on goods and services Means of exchange - correct answer Allows us to trade Legal tender - correct answer It is a legally recognised form of payment Store value - correct answer Allows us to use in the future as it keeps its value Personal attitudes - correct answer different people are more or less likely to take risks, depending on the reward and how you've been brought up Life stages - correct answer ...

overdraft - correct answer Occurs when money is withdrawn from a bank account and the available balance goes below zero Arranged Overdraft - correct answer *Pre-agreed with your banks, will have a certain limit. *Can use the money in an arranged overdraft with no penalties, beyond interest on repayments. However, money needs to be repaid. Unarranged overdraft - correct answer *Not agreed previously and incur a much higher interest rate than an arranged as well as additional...

Give two features of a premium current account. - correct answer travel insurance cinema tickets Monthly fee Describe the role of the Financial Ombudsman Service. - correct answer acts as an independent assessor when dealing with complaints between consumers and financial service providers Explain two benefits of pre-paid credit cards of the type used when on holiday - correct answer it allows you to take money on holiday in a safe and secure way because if the pre-paid cr...

price x amount sold - correct answer revenue formula revenue - total costs - correct answer profit formula variable costs + fixed costs - correct answer total costs inflow - outflows - correct answer net cash flow formula net cash flow + opening balance - correct answer closing balance formula predicted output - break even point - correct answer margin of safety formula gross profit - expenditure - correct answer net profit formula revenue(...

Sales Revenue - correct answer All the money that a business receives (number of sales x price per unit = revenue) Gross Profit - correct answer The money left over once cost of sales has been taken away from revenue (revenue - cost of sales = gross profit) Net Profit - correct answer The money left over once expenditure has been taken away from gross profit (gross profit - expenditure = net profit) Break even point - correct answer When a business has made enough re...