Have an account?
Laid back approach where employees trusted to take decisions.
Targeting different products to type of customer due to age, social factors, income levels, geographic or sociological factors.
Pre-set level of inventory where a business would place a new order for inventory.
Inventory reorder level
Buffer inventory level
Maximum inventory level
Economic order quantity
Businesses that are owned by its members and operated in the interests of the members.
Private limited companies
Which one is NOT a definition of "contract of employment" ?
A formal agreement between an employee and an employer.
A legal document between a business and an employee.
A formal document between a business and a recruitment agency.
A formal deed with reference to employment responsibilities, working hours and rate of pay.
Each item finished before next one produced, for example: designer dresses.
Individual / group with an interest to a business and might be affected by decisions of a business.
Board of directors
Which one is NOT the definition of "market research" ?
Process of collecting and analysing data to identify customer needs.
Collecting primary and secondary data, such as when setting up a new business.
Discussion process with customers, competitors, and suppliers to find the best solution.
Identifying aspects of the market to aid decision making by using methods like surveys, interviews, internet.
Long-term plan for the whole business to give a business vision and direction.
Define the term "economies of scale".
Reduction in costs of production, resulting from an increase in the scale of operations.
The rise in costs of production due to the rise of output.
The relationship between the economic influence and the size of a business.
Reduction in demand for a product due to the increase in price.
Collection of data that already exists, such as reports and census is called .....
Production systems that prevent waste by using the minimum of non-renewable resources.
Total Quality Management
An approach to budgeting that requires budget holders to justify their budgets each year in order to gain financial resources.
Maximisation of outputs by making best use of resources.
Description of candidate qualifications needed to do a specific job is called ..........
The factors that encourage people to work hard(er), to be productive at full capacity and achieve.
One person, no continuity, unlimited liability, keep all profits.
Private Limited Company
The followings are indirect costs, except .....
A business that uses the name/logo of an existing business is called .........
Business policies to show the commitment of a business to the well-being of society and the environment OR when a business considers the impact of its activity on different stakeholders.