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Edexcel GCSE Business Studies U1 May 2017 Flashcards | StudBud
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Edexcel GCSE Business Studies U1 May 2017
Edexcel GCSE Business Studies U1 May 2017
55 terms
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A revision quiz for Unit 1 Business Studies
Flashcards
55 cards
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Practice quiz
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Host live
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Questions
55
Answers
1
Must be British and no disabilities is an example of....
Discrimination
Person Specification
2
What is the closing balance? Opening balance = £5000, Cash inflow £7000 & cash outflow = £14000
£9000
-£12000
-£2000
£16000
3
Which are variable costs?
All of the above
Wages
Raw materials
Packaging
4
Economic activity is negative
Economic Growth
Recession
Downturn
Boom
5
What is missing figure B?
23000
5000
12000
7000
6
A disadvantage of unlimited liability is
Risk of losing personal possessions
Sharing profit with other shareholders
Less control of the business
Need to pay higher taxes
7
Safe Stores makes 7 workers redundant. Which stakeholders are most likely to benefit?
Suppliers of the business
Government
Local community
Owners
8
Interest rates rise so
Consumer spending falls
Consumer spending rises
9
Raw materials such as oil, gas and wheat are....
Commodities
Exports
Services
Goods
10
What is most likely to cause a loss?
Fixed costs fell
Advertising attracted new customers
Sales fell
Cost of raw materials fell
11
What is lateral thinking?
Thinking outside the box
Think of many ideas as possibe
A quantitative approach to generating ideas
A group approach to generating ideas
12
What is missing figure A?
11000
7000
5000
12000
13
Demand is high, supply is low which leads to....
Surplus
Deficit
Shortage
Profit
14
Advantage of a franchise
Can benefit from national advertising
The franchisor pays the franchisee to set up the business
You have complete freedom to make decisions
Pay lower VAT
15
What is innovation?
Bringing a product to market
Coming up with a new product
16
What is invention?
Copying a new product
Discovery of new processes and new products
Launching a new product
Process of transforming new ideas into products
17
Benefit of a patent
Prevents another business using the same brand name
Is an insurance policy which protects from financial loss
Provides the right of ownership to an invention or process
Ensures the business will not make a loss for 20 years
18
You buy 100kg of rice a month. Price of rice is $5 per kg. Exchange rate is £1=$1.25. Cost=
£500
£625
£400
£250
19
Which is most likely to result from a business making a profit?
Funds raised for reinvestment
Default on loan repayments
Cash flow problems
Inability to pay wages
20
Delaying payments to suppliers is.....
Credit Card Payment
Factoring
Bank Loan
Trade Credit
21
What is missing figure D?
7000
14000
17000
5000
22
Which is a long-term source of finance for a sole-trader?
Personal Savings
Share capital
Trade Credit
Bank Loan
23
What is the purpose of a business?
To make big profits
To give everyone a job
To pay taxes to the government
To provide goods and services
24
Advantages of a franchise
You can choose your own suppliers
The bank is more likely to lend you money
You have complete freedom to make decisions
They pay a lower rate of VAT
25
Most likely reason to produce a business plan?
Reduce the chance of a business failing
Attract customers to your business
Guarantee you make a profit
To train new staff
26
Downturn in business cycle =
Higher sales
More difficulty recruiting employees
Less risk of insolvency
Lower fixed costs owing to lower interest rates
27
Which is a non-financial objective?
To make profit
To be your own boss
To become financially stable
28
Qualitative data is about numbers?
False
True
29
Which is a fixed cost?
Packaging
Raw materials
Wages
Rent
30
Interest rates rise so....
Business borrowing falls
Business borrowing increases
31
Which is an example of calculated risk?
10% of customers will live in a house
There is a 75% chance of the business surviving
Fixed costs are 80% of total costs
Variable costs will rise by 45%
32
Unlimited liability applies to
Limited Companies
Sole Traders
33
Corporation Tax is a tax on......
Value of sales in a business
Earnings of workers in a business
Profits made by the business
Spending by the business
34
How can a small independent music store compete with a supermarket?
Focus on improving customer service
Lower Prices
Open up two new stores
Launch an advertising campaign
35
Pasta is made from wheat. Good weather leads to an increase in the harvest.....
Price of wheat will fall
Cost of wheat will rise
Demand for wheat will fall
People will pay more for pasta
36
What tax does a sole trader need to pay?
Corporation Tax
Labour Tax
Income Tax
Distribution Tax
37
A business buys your debt from you is......
Venture capitalist
Grant
Factoring
Overdraft
38
Opening balance = £18000, Inflow = £17000, Outflow = £21000. What is the net cash flow?
£3000
-£3000
£1000
-£4000
39
Angela is a wedding planner. How could she add value to her business?
Provide customers with a convenient service
Move to London
Charge a premium price
Lower average costs
40
When economic activity begins to slow down
Boom
Recovery
Recession
Downturn
41
Which is an example of primary research?
Newspaper articles
Survey of customers
Internet research
Government statistics
42
What is missing figure C?
14000
17000
10000
5000
43
What is used in the recruitment process?
Person description
Person specification
44
Pear knows it must give customers value for money. This relates to which P?
Place
Price
Promotion
Product
45
What is blue-skies thinking?
Think of as many ideas as possible
Solve problems using dice
Use a quantitative approach to solving problems
Make the most of technology when solving a problem
46
A rise in economic activity is....
Downturn
Recession
Surplus
Economic Growth
47
Pear will sell its app on Apple's App Store. This relates to which P?
Place
Product
Price
Promotion
48
What has to go in a business plan?
Design of the logo
All receipts from sales
Overview of the business
Names and addresses of all employees
49
How would you protect a recipe?
Contract of employment
Patent
Business Plan
Copyright
50
How can you add value?
Offer free after-care visits to check customer satisfaction
Make sure you have an excellent relationship with the bank
Buy a van with your name on the side
Employ an accountant to manage cash-flow
51
Exchange rate is £1 = $2.00. You buy 200 models from America, each model costs $30. How much?
£3000
£4000
£6000
£1000
52
Name of the diagram used to make connections between ideas
Mind map
Scatter diagram
Spreadsheet
Market map
53
What can cause cash-flow to worsen?
Monthly advertising costs changing from £400 to £800
Change in the interest rate from 6% to 3%
More favourable trade credit terms
Monthly rent changing from £950 to £650
54
What tax does a limited company have to pay?
Income Tax
Corporation Tax
55
An individual who will help a struggling business
Factoring
Venture Capitalist
Overdraft
Grant
