2024 AQA Management Practice Exam With Answers (209 Solved Questions)

Preview (7 of 21 Pages)

100%

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 1 preview image

Loading page ...

AQA AS LEVEL BUSINESS 7131/AQA AS LEVEL BUSINESS7131 UNITS 1-6 LATEST UPDATED 2024 WITH VERIFIEDQUESTIONS AND CORRECT ANSWERSQuality - Is measured by the extent to which an operation meets its customerrequirementsQuality assurance - Is the maintenance of target quality by attention to detail atevery stage of the processQuality control - Is the system of maintaining standards by testing or inspectingthe output against stafndardsMass customisation - Is the term for producing on a large scale while stillenabling individual customer preferences to be metInventory - Is the goods or stock it holdsPart time staff - Work less than a full working week, for example 20 hours perweekTemporary staff - Work for a limited period of time, for example for the summeronlySupply chain - Refers to all of the providers of resources (such as money, people,finance, machinery, equipment) at different stages of the operations process

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 2 preview image

Loading page ...

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 3 preview image

Loading page ...

Vertical integration - Is the combination of two or more stages of productionnormally operated by separate companiesCorporate social responsibility - Refers to the extent to which a business takesinto account its stakeholder views and accepts its obligations to society over andabove the legal requirementsOutsourcing - Is when a business uses an outside supplierFinancial objective - Goal or target pursued by the finance department (orfunction) within an organisationProfit - Measures the extent to which revenues from selling a product over sometime period exceed the costs incurred in producing itCash flow - The movement of cash into and out of a business over timeIncome statement - Records a business' sales revenue over a trading period andall relevant costs incurred as well as the business' profit or lossGross profit - Income received from sales minus the cost of goods and servicessoldDirect costs - Expenditure that can clearly be allocated to a particular product orarea of the business e.g. raw materials and componentsIndirect costs - Expenditure that relates to all aspects of a business' activities,such as maintenance costs for buildings or senior managers' salaries

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 4 preview image

Loading page ...

Operating profit - The financial surplus arising from a business' normal tradingactivities and before taxationProfit for the year - A measure of a business' profits that takes into account awider range of expenditures and incomes including taxationRevenues - The earnings or income generated by a firm as a result of its tradingactivitiesObjectives - The medium to long term goals established to coordinate the businessInvestment - The purchase of assets such as property, vehicles and machinerythat will be used for a considerable time by the businessNon-current assets - Items that a business owns and which it expects to retainfor one year or longerCapital expenditure - Spending undertaken by businesses to purchase non-currentassets such as vehicles and property (it is another form of investment)Capital structure - Refers to the way in which a business has raised the capitalrequired to purchase its assetsBudgets - Financial plans that forecast revenue from sales and expected costsover a time periodVariance analysis - The process of investigating any differences between forecastdata and actual figures

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 5 preview image

Loading page ...

Cash flow forecasts - State the inflows and outflows of cash that the managers ofa business expect over some future periodTrade credit - The period of time given by suppliers before customers have to payfor goods and servicesBreak even output - That level of output or production at which total costs exactlyequal revenue from salesContribution - The difference between revenue and variable costsMargin of safety - Measures the amount by which a business' current level ofoutput exceeds break-even outputProfitability - A measure of financial performance that compares a business'profits to some other factors such as revenueProfit margin - A ratio that expresses a business' profit as a percentage of itsrevenues over some trading periodBig data - A term used to describe a massive volume of both organised and non-organised information that is very largePrimary market research - Gathers data for the first time for a specific purposeInternal source of finance - A source of finance that exists within the businessExternal source of finance - An injection of funds into the business fromindividuals, other businesses or financial institutions

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 6 preview image

Loading page ...

Short term finance - Finance needed for a limited period of time, normally lessthan one yearLong term finance - Sources of finance that are needed over a longer period oftime, usually over a yearBank loan - The amount of money provided by a business for a stated purpose inreturn for a payment in a the form of interest chargesOverdraft - Exists when a business is allowed to spend more than it holds in itscurrent bank account up to an agreed limitVenture capital - Funds advanced to businesses thought to be relatively high riskin the form of share and loan capitalShare capital - Finance invested into a company as a result of the sale of sharesin the businessMortgages - Long term loans, repaid over periods of up to 50 years, and used topurchase propertyDebentures - Loans with fixed interest rates that are long term and may not evenhave a repayment dateCrowdfunding - Practice of funding a project or venture by raising many smallamounts of money from a large number of people, typically via the internetOpportunity cost - The next best alternative that is foregone

2024 AQA Management Practice Exam With Answers (209 Solved Questions) - Page 7 preview image

Loading page ...

Trade credit - Offered when purchasers are allowed a period of time (frequently30,60 or 90 days) to pay for products they have boughtHuman resource objectives - The targets pursued by the HR function ordepartment of the businessLabour productivity - Measures the output of a firm in relation to its number ofemployeesQuality - The extent to which a product meets the customers needsEmployee engagement - Describes the connection between a business'semployees and its mission, goals and objectivesEmployee involvement - Exists in a business in which people are able to have animpact on decisions and actions that affect their working livesTraining - A process whereby an employee gains job related skills and knowledgeTalent development - The development and guidance of outstanding or staremployees who have the potential to make major contributions to anorganisation's performance and successDiversity - Recognising the differences between individual employees and also thedifferences that may exist between different groups of employeesUnit labour costs - Measure the labour cost per unit of output producedRevenue - The earnings or income generated by a firm as a result of its tradingactivities (also called turnover or sales revenue)

Preview Mode

This document has 21 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

CIS 337 Unit 7 Assignment Final Project Part IV Pr

Analysis of Leadership in Monster Inc

Evaluation of Alphabet's Mission, Vision, and 8-29

Boundless Management

Uncovering the Martha Stewart Tax Scandal Insider

Boundless Business

JetBlue Airlines Case Analysis

Effective Speaker Notes Template for BUS 210 Prese

Leading as a Function of Management

McDonald's Q4 Earnings U

Company

Explore

Study Tools