How can a change in exchange rates affect businesses involved in international trade?
- It leads to improved environmental sustainability
- It can influence the company's brand image
- It impacts the cost of imports and exports
- It increases employee morale
Which of the following constitutes a "reasonable step" to comply with the Health and Safety at Work Act (1974)?
- Hiring lawyers to defend against personal injury claims
- Increasing pay for staff involved in dangerous work
- Saving money to pay anyone who is injured at work
- Keeping records of accidents
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
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 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)
How can a business use social media trends to its advantage?
- By reducing supply chain disruptions
- By enhancing environmental sustainability
- By influencing consumer behaviour and engagement
- By changing product quality
A business might adapt its products or services to meet the needs of a growing elderly population. This is an example of:
- Demographic influence
- Technological advancement
- Economic factors
- Government regulations
Which of the following is a demographic influence on business?
- Changes in employee motivation
- Advances in technology
- Aging population leading to changes in product demand
- Environmental regulations
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
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
