A-Level Business Studies questions and 100 % correct answers

A physical product such as a house or designer suit - correct answer Good An intangible item such as insurance or decorating - correct answer Service A more general term which includes goods and services - correct answer Product Measures the total value of the production of an economy over a period of time - correct answer Gross Domestic Product Sets out a business's overall purpose to direct and stimulate the entire organisation - correct answer Mission Statement The long-term plans of the business from which its corporate objectives are derived - correct answer Aim Medium to long-term goals established to coordinate the business - correct answer Objectives Measures the extent to which revenues from selling a product exceed the costs incurred in producing it over a time period - correct answer Profit Is the amount of money moving into and out of a business over a time period - correct answer Cash flow Are costs that do not alter when the business alters its levels of output - correct answer Fixed Costs Alter directly with the business's level of output - correct answer Variable Costs Are fixed and variable costs added together - correct answer Total Costs