Az ROC Trade Exam B-3 License UPDATED Exam
Questions and CORRECT Answers
Business Objectives - ANSWER-A specific target that is set for a business to achieve. For example, use
Fair Trade ingredients in 100% of products.
Business Plan - ANSWER-A detailed statement of how a business intends to operate, either at start-up or
during a given period of time. Business plans are based on forecasts and so cover only a short time.
Customer Loyalty - ANSWER-The likelihood that past customers will continue to buy from the business.
Customer Service - ANSWER-A part of a business' activities that is concerned with meeting customers
needs as fully as possible.
Economies of Scale - ANSWER-The cost advantage of producing on a large scale. As output increases the
unit cost decreases.
Enterprise - ANSWER-The ability to identify business ideas and opportunities to bring them to fruition
and to take risks where appropriate.
External Business Environment - ANSWER-Factors outside of a business that can affect it. For example,
technology, economic change, environmental expectations etc.
Factors of Production - ANSWER-The elements that combine in the production process: land, labour,
capital and enterprise.
Flow Production - ANSWER-Using a production line to make goods continuously and in large numbers.
Growth - ANSWER-A business' increase in size.
Job Production - ANSWER-A method of creating a single product to meet an individual order.
Az ROC Trade Exam B-3 License UPDATED Exam
Questions and CORRECT Answers
Questions and CORRECT Answers
Business Objectives - ANSWER-A specific target that is set for a business to achieve. For example, use
Fair Trade ingredients in 100% of products.
Business Plan - ANSWER-A detailed statement of how a business intends to operate, either at start-up or
during a given period of time. Business plans are based on forecasts and so cover only a short time.
Customer Loyalty - ANSWER-The likelihood that past customers will continue to buy from the business.
Customer Service - ANSWER-A part of a business' activities that is concerned with meeting customers
needs as fully as possible.
Economies of Scale - ANSWER-The cost advantage of producing on a large scale. As output increases the
unit cost decreases.
Enterprise - ANSWER-The ability to identify business ideas and opportunities to bring them to fruition
and to take risks where appropriate.
External Business Environment - ANSWER-Factors outside of a business that can affect it. For example,
technology, economic change, environmental expectations etc.
Factors of Production - ANSWER-The elements that combine in the production process: land, labour,
capital and enterprise.
Flow Production - ANSWER-Using a production line to make goods continuously and in large numbers.
Growth - ANSWER-A business' increase in size.
Job Production - ANSWER-A method of creating a single product to meet an individual order.
Az ROC Trade Exam B-3 License UPDATED Exam
Questions and CORRECT Answers
