What term is used to describe the cost inclurred when borrowing money?
- Overdraft
- Mortgage
- Interest
- Finance
Which of the following is an example of a legal influence on business?
- Changes in consumer preferences
- Environmental regulations
- Technological advancements
- Economic factors
Which term is used to describe how to reduce risk if things do not go to plan?
- Quantitative data
- Primary research
- Economic recovery
- Mitigation
If customer income rises faster than prices…
- … customers will have more money to spend on things they want
- … customers will have less money to spend on things they want
- … sales of luxury goods will fall
- … people will be unwilling to pay more for goods
How can a business use technology to improve its operations?
- By reducing environmental impact
- By impacting consumer behavior
- By enhancing productivity and efficiency
- By changing employee turnover rates
A business facing increased competition due to the entry of new firms into its market is influenced by which factor?
- Economic conditions
- Political developments
- Market structure
- Employee morale
In a competitive market, why is price an important factor?
- Luxury goods will always be of high value
- Customers will shop at the lowest-priced business
- There are a reduced number of high street stores
- M-commerce is reducing demand for physical stores
Which method of communication would be most appropriate to create a community?
- Email
- Live chat
- Social media
- App
Which law requires goods and services to be "fit for purpose"?
- Health and Safety at Work Act (1974)
- Labelling of Food Regulations (1970)
- Consumer Rights Act (2015)
- Weights and Measures Act (1986)
Which of the following is an example of a social influence on a business?
- Technological advancements
- Changes in consumer demographics
- Government regulations
- Supply chain disruptions
