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auction is used when for example a company wants to realize a lower unit price from its suppliers. Bids would begin at the current unit price and the suppliers would bid downwards to become the sole or preferred supplier at a much reduced profit margin.

Q65. Answer A.

Explanation Suggested answer D is the modal value.

Q66. Answer C.

Explanation An example might be the head office, accounts section or personnel department.

Q67. Answer B.

Explanation They are traded on commodity exchanges.

Q68. Answer A.

Q69. Answer C.

Q70. Answer C.

Explanation Junior shares are in some way restricted with for example no voting rights.

Q71. Answer C.

Q72. Answer B.

Explanation Suggested answer A would represent an operating risk not one to an inventory.

Q73. Answer D.

Q74. Answer A.

Q75. Answer C.

Explanation They are issued by banks and governments and guarantee payment.

Q76. Answer A.

Explanation This widely adopted standard is managed by the International Organization for Standardization.

Q77. Answer B.

Q78. Answer D.

Q79. Answer A.

Q80. Answer D.

Q81. Answer A.

Q82. Answer B.

Explanation These taxes are levied on particular goods or services.

Q83. Answer A.

Q84. Answer B.

Q85. Answer C.

Q86. Answer C.

Q87. Answer B.

Q88. Answer C.

Explanation Supermarket own brands are an example of generic products.

Q89. Answer D.

Explanation Suggested answer A is golden handcuffs, B golden hello and C a bonus. A golden parachute compensates for losing a job when perhaps a company is sold.

Q90. Answer A.

Explanation When you have a poor return on an activity you incur a high opportunity cost because you have failed to take up possibly more profitable alternatives.

Q91. Answer C.

Explanation This is a product produced exclusively by the owner of the patent or copyright.

Q92. Answer A.

Explanation Brown goods are household electronic goods. Household electrical goods such as washing machines, freezers etc are white goods.

Q93. Answer C.

Explanation It involves selling goods or services, for example computer, printer and software, together as a discounted package.

Q94. Answer D.

Explanation The takeover integrates the commercial process.

Q95. Answer B.

Explanation The idea is to push the product into the market place. Advertising is used in a pull strategy where customer demand pulls the product into the market place.

Test 4: A test of geometry

Q1. Answer A.

Q2. Answer B.

Explanation The triangle is an equilateral triangle, which has equal sides, so must also have three equal angles that add up to 180°.

Q3. Answer D.

Explanation 43 = 64.

Q4. Answer C.

Explanation Angles CDB and DCB are given. So DBC = 180 – 90 – 25 = 65°; ABD can now be found = 180 – 65 = 115°; now x can be found, x = 180 – 45 – 115 = 20°.

Q5. Answer D.

Explanation In an isosceles triangle the two marked sides are equal as are the two base angles.

Q6. Answer A.

Explanation Divide the kite into two isosceles triangles.

Q7. Answer C.

Explanation Vertically opposite angles are equal when straight lines intersect. So x + 70 = 180, so x = 110; x + y = 180, so y also = 70.

Q8. Answer B.

Explanation A rule worth remembering is that the sum of two sides of any triangle must be more than the value of the remaining side; otherwise it cannot be constructed.

Q9. Answer A.

Explanation x corresponds to the angle alongside the given angle, so x + 70 = 180, so x = 110°.

Q10. Answer B.

Explanation The smallest angle is always opposite the smallest side, namely AC.

Q11. Answer C.

Explanation All sides and angles of a regular polygon are equal and the interior angles total 180°.

Q12. Answer A.

Explanation The exterior angles of a regular polygon = 360°.

Q13. Answer D.

Explanation The interior angles of a triangle = 180° so a pentagon = 3 × 180 = 540°.

Q14. Answer C.

Explanation A hexagon is a regular polygon with six sides so 360/6 = 60°.

Q15. Answer D.

Explanation A quadrilateral has four sides. Another example