What are the 4 p's of the marketing mix?

Product, place, price, promotion

What is the difference between invention and innovation?

Research and brand new/ established and development

Tax on income earned by workers and sole traders

Identify the fixed costs and an example

Do not vary with output, e.g rent

What is a person specification?

Individual qualities required, e.g experience and skills

What is the difference between skill and attitude?

ability to do something/ personally possess something

What is a market map?

Identifies market segments and position where there are gaps

the logo, symbol, sign, etc which cannot be copied

What is blue skies thinking?

Coming up with as many ideas as possible to solve a problem

Tax on the value of sales (Value added Tax)

What is the business cycle?

Fluctuations in the level of economic activity over time

What is deliberate creativity?

Intentional creation of new ideas through techniques

Amount that buyers are willing and able to purchase

What is the difference between a fixed rate loan and a variable rate loan?

Do not change/ change over life of the loan

rights of ownership of an invention, design or process,

Difference between commodity and goods markets?

raw material(used in production)/ normal (everyday products)

What are the factors which affect location when setting up a business?

Cost, competitors, customers, support services

What is the difference between primary and secondary research?

Info that did not exist/ gathering existing information

Amount that sellers are willing and able to sell

State three enterprise skills

Risk taking, initiative, willingness for new adventure

What is a boom in the business cycle?

Strong increase in economic activity

Identify variable costs and an example

Changes directly with number of products made, e.g labour

What are the 5 qualities shown by entrepreneurs? (PDTDS)

Planning, drive, thinking ahead, determination, seeking opps

Identify an example a question that entrepreneurs ask when coming up with a new business idea

How do I build up a customer base?

What is lateral thinking?

Thinking differently to get new, unexpected ideas

What are 4 other enterprise skills?

Luck, leadership, planning, persuasion

Calculation for closing balance on a cash flow forecast

net cash flow + opening balance

What is the difference between upsides and downsides?

Things that go right/ things that go wrong

State the 3 elements of customer focus

Identify needs, anticipating needs, meeting needs

What is market research?

Collecting information; customers, competitors and trends

What is a cash flow statement?

Document with the figures of what was received and paid out

What does conflict of interest mean?

Struggle to meet everyone's needs

What is meant by the term added value?

Increase worth that a business makes for a profit

When there are not sufficient funds, e.g cannot pay debts

State an internal sources of finance

Comes from trading within the business

Identify 2 examples of secondary research

Telephone directories/ government statistics

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Unit 1 GCSE Business Revision

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Getting to grips with the unit 1 content!

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Questions 70

Answers

1
What are the 4 p's of the marketing mix?
Product, people, price, promotion
Product, place, price, promotion
Price, people, promotion, place
Product, perception, place, price
2
What is the difference between invention and innovation?
Big/ small
Research and brand new/ establishing a new product
Risk taking/ easy
Research and brand new/ established and development
3
State 2 internal stakeholders
competitors, customers
Customers, local community
Workers, Managers
Owner, Government
4
State an external source of finance
Customer transactions
Total revenue
Bank loan
Variable costs
5
State the non-financial objective
Survival
Personal satisfaction
Wealth
Income
6
What is income tax?
Linked to state benefits
Tax paid by companies on their profits
Tax on income earned by workers and sole traders
Tax on sales
7
Identify the fixed costs and an example
Do not vary with output, e.g raw materials
Vary with output, e.g rent
Do not vary with output, e.g rent
Vary with output, e.g Business rates
8
What is a person specification?
Application for a job
Individual qualities required, e.g experience and skills
Job details
List of candidates
9
What is the difference between skill and attitude?
Talking/ doing
ability to do something/ personally possess something
Being able to do something/ thinking about something
physically doing something/ mentally doing something
10
What is a market map?
Identifies market segments and position where there are gaps
It gives you directions
Identifies how to get your product to customers
Identifies where people want to buy things
11
Formulae for calculating profit/ Loss
TR - TC
Price x Quantity
TR X TC
FC + VC
12
Define trademarks
the logo, symbol, sign, etc which cannot be copied
The legal rights of a business
The legal ownership of a business
Something marked on a product
13
What is blue skies thinking?
Coming up with as many ideas as possible to solve a problem
Emotions and feelings
Looking at the sky for inspiration
Dreaming
14
What is VAT?
Tax on income
Tax on earnings
Tax on the value of sales (Value added Tax)
Paid by limited companies on the profits made
15
What is the business cycle?
No changes to economic activity
Fluctuations in the level of economic activity over time
Ups in economic activity over time
Downs in economic activity over time
16
List 1 advantage and 1 disadvantages of being a franchisee
Extra control, making friends
Extra support, less risk
Liking the brand, being controlled
Networking, no personal invention
17
State the financial objective
Profit and income
Control
Helping others
Independence
18
What is deliberate creativity?
Thinking without any focus
Thinking differently
Thinking about just one idea
Intentional creation of new ideas through techniques
19
What is demand?
Changes in raw material costs
Amount that buyers are willing and able to purchase
markets for raw materials
amount that sellers are able to sell
20
Identify a source of short term finance
Debt factoring
Leasing
Share capital
Personal savings
21
List 2 advantages of being a franchisor
People know who you are, and higher profit
Rapid expansion, higher profit
Rich and wealthy
Higher profit and people will use/ visit
22
What is the difference between a fixed rate loan and a variable rate loan?
Change monthly/ change daily
Do not change/ change over life of the loan
Change yearly/ Change monthly
Do not change/ Decrease in amount
23
Define patents
the logo, symbol, sign, etc which cannot be copied
Inventing a new product
legal ownership of material to prevent being copied
rights of ownership of an invention, design or process,
24
Difference between commodity and goods markets?
How much costs go up
buyers and sellers meet
raw material(used in production)/ normal (everyday products)
Changes in raw material price
25
What are the factors which affect location when setting up a business?
Size of town, weather, friendliness
Politeness, wealth, support services
Cost, competitors, customers, support services
Accent, weather, customers
26
What is the difference between primary and secondary research?
Info that did not exist/ gathering existing information
Collecting data that exists from a variety of sources
Collecting first-hand/ asking a manager only
Inside a building/ outside of a building
27
What is supply?
the needs of customers
amount buyers are willing to pay
Specific market segments
Amount that sellers are willing and able to sell
28
State three enterprise skills
Driven, ambitious, kind
Happy, risk taker, generous
Kind, initiative, risk taker
Risk taking, initiative, willingness for new adventure
29
What is a boom in the business cycle?
An explosion
Slow down in economic activity
Rise slowly in economic activity
Strong increase in economic activity
30
Identify variable costs and an example
Does not vary with the output, e.g rent
Does not vary with the output, e.g raw materials
Changes directly with number of products made, e.g rent
Changes directly with number of products made, e.g labour
31
What are the 5 qualities shown by entrepreneurs? (PDTDS)
Happy, driven, ambitious, focused, organised
Happiness, friendly, thinking ahead, determination
Planning, drive, thinking ahead, determination, seeking opps
Planning, drive, happiness, anger, kind
32
What is another word for 'security' when money is borrowed?
Safe
Protected
Collateral
Secure
33
What can a business not discriminate against legally when hiring people?
Sex, eye colour, hair colour
Age, height, food choices
Sex, age, gender
Age, accent, foot size
34
Formulae for calculated revenue
Price - quantity
Price x quantity
Price - costs
TR - TC
35
Identify an example a question that entrepreneurs ask when coming up with a new business idea
Will my friend like my business?
Should I go on holiday when I set my business up?
How do I build up a customer base?
What colour furniture should I get?
36
What is lateral thinking?
Laying down to think
Coming up with as many ideas as possible to solve a problem
Ideas through accepted techniques
Thinking differently to get new, unexpected ideas
37
What are 4 other enterprise skills?
Luck, leadership, planning, persuasion
Leadership, planning, luck, happy
friendly, happy, kind, caring
Angry, motivated, determined, aggressive
38
Calculation for closing balance on a cash flow forecast
cash inflow - cash outflow
TR - TC
net cash flow + opening balance
net cash flow - opening balance
39
What is the difference between upsides and downsides?
Success/ failure
Being happy/ sad in your business
Risk/ chance
Things that go right/ things that go wrong
40
Identify a source of long term finance
Trade credit
Overdraft
Share capital
Credit cards
41
State the 3 elements of customer focus
Identifying needs, knowing the needs, forgetting the needs
Identifying needs, ignoring the needs, overlooking needs
Identify needs, anticipating needs, meeting needs
Understanding needs, identify needs, anticipate needs
42
What is market research?
Asking the business nearest to you
Only asking colleagues
Collecting information; customers, competitors and trends
Asking family and friends
43
What are the two techniques for creative thinking?
make things smaller, silence
Brainstorming, shouting
talking, combining things together
Creating lists/ mindmapping
44
What is a cash flow statement?
Prediction of what will flow in and out
Exactly what is received by a business
Exactly what is paid out by a business
Document with the figures of what was received and paid out
45
What does conflict of interest mean?
All stakeholders are angry
Meet everyone's needs
Struggle to meet everyone's needs
Stakeholders have no input
46
What type of businesses pay corporation tax?
Large companies
Workers
Sole traders
Limited companies
47
What is meant by the term added value?
Extra money charged for a product
Value added tax
Increase worth that a business makes for a profit
Tax on top of a product
48
What is insolvency?
When a business knows what cash is inflowing and outflowing
When there are not sufficient funds, e.g cannot pay debts
When a business is not making profit
When a business has lots of cash
49
State an internal sources of finance
Debt factoring
Comes from trading within the business
bank loans
Credit cards
50
Identify 2 examples of secondary research
Sales data/ Experiments
Telephone directories/ observations
Questionnaires/ Focus groups
Telephone directories/ government statistics
51
Calculation for net cash flow
cash inflow - cash outflow
net cash flow + opening balance
cash inflow + cash outflow
net cash flow - cash inflow
52
Will imports increase or decrease if the value of the pound appreciates?
Decrease
Stay the same currently
Increase
Never change
53
State 2 external stakeholders
Managers, workers
Owner, local community
Competitors, workers
Customers, Suppliers
54
What is the difference between a good and service?
A thing and something you do for someone
physical and tangible/ non-physical and intangible
Physical/ tangible
non-physical/ intangible
55
State three sources of added value
USP, branding, convenience
Better design, branding, red coloured
Better design, higher quality, large
small, USP, age appropiate
56
What is a recession in economic activity?
Businesses have no money
Strong increase in economic activity
When economic growth is negative (less than prior period)
Slow down in economic activity
57
Identify 3 different titles which could go on a market map
Price, quality, volume
Price, age, interests
Name, age, address
DOB, quality, price
58
What is a cash flow forecast
Exactly what money has gone out of the business
Prediction of what will flow in/ out of a business
Exactly what money has come into the business
Statement from previous year cash flow
59
Difference between limited and unlimited liability
Owner and business are together/ legally responsible
Own the business/ manage the business
Group of owners/ individual owner
Owner and business are separate/ Legally responsible
60
What is NIC (National Insurance Contributions)?
Tax on earnings of workers and sole traders (state benefits)
Value added tax
Linked to all products
Paid by companies on the profits
61
What is the difference between on-the-job and off-the-job training?
Experienced outsiders/ unexperienced outsiders
Where you attend work/ day off
Experienced members of staff/ Outside experts
Your boss helps you/ a friend helps you
62
Define copyright
the logo, symbol, sign, etc which cannot be copied
When you steal a business logo
When you copy someone
legal ownership of material to prevent being copied
63
Identify 2 examples of primary research
Questionnaires/ Sales Data
Suverys/ Market reports
Internet sales/ local newspapers
Surveys/ Focus groups
64
What is a market segment?
Share the same hair colour
How you develop products
Where you advertise products
Share one or more common characteristic
65
What is the difference between qualitative and quantitative data?
Numbers/ statistics
judgments/ attitudes
asking a colleague/ asking a friend
Opinions, judgements, attitudes/ numbers, statistics
66
List an example of a conflict of interests
Not friends with each other
Do not know each other's surnames
They do not like the uniform
Customers are unhappy with prices and sales fall further
67
Will people spend more or less when interest rates increase?
More likely to spend and borrow money
invest money/ spend money
Less likely to spend/ less likely to borrow money
Less likely to save and will want to borrow money
68
What is a calculated risk?
Thinking about what to do for the business
Trying to reduce risk in the business
Putting a numerical value/ probability on a risk
Taking chances
69
What is a job description?
Personal details
Interviewing candidates
A list of candidates drawn up
Explain the work to be done, job title, location
70
Identify 3 types of market segmentation
lifestyle, income, DOB
Age, name, DOB
Age, income, lifestyle
Income, location, pet type

Unit 1 GCSE Business Revision Flashcards | StudBud