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