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Business Studies A level AQA Exam Questions and Answers
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Business Studies A level AQA ExamQuestions and Answers
What is a business objective? Why is one needed? - Answer>>
- It is a goal for the entire organisation
- They guide the actions of those withing the business
What are the main objectives a business might have? (There are
8) - Answer>> - Growth
- Reduction of risks / diversification
- Profit (reduce production costs / increase price)
- Survive (applicable for most start-up companies)
- Cash flow objective (making sure the cash flowing into a
business is enough to cover what must pay out in any period)
- Ethical objectives (environment, fairtrade etc)
- Becoming the market leader
- Stakeholder Objectives (keeping the shareholders / employees /
government happy)
What is a Stakeholder? - Answer>> A stakeholder is an
individual / group of peope with an interest in the business e.g -
workers, shareholders, government etc
What is a public limited company? - Answer>> A company that
is owned by shareholders (generally a larger company)
What does niche mean? - Answer>> A small specific market
aimed at only a few types of people
How is profit calculated? - Answer>> total revenue - total cost
(money in - money out)
,What are the two types of costs? What are they and what are
some examples? - Answer>> Fixed cost and Variable cost
Fixed - If output changes, fixed costs do not change
e.g - rent of the building, salary of the worker
Variable - As output changes, so do variable costs
e.g - costs of materials
What do the letters SMART stand for? - Answer>> Specific
Measurable
Agreed
Realistic
Timescale
^ used for making company goals
What does qualitative mean? - Answer>> With no data / facts
What is a mission statement? - Answer>> A qualitative
statement of an organisation's aims that uses language intended
to motivate employees and convince customers, suppliers and
those outside the firm of it's sincerity and commitment
How and why does a company's mission link to its objectives? -
Answer>> - Objectives allow companies to reach the aims in
their mission statement
- A company must understand it's mission / overall goals to form
objectives
How do we structure an 8 mark analysis question? - Answer>>
PECAn
Point
Explain
, Context
Analysis
What is the difference between a public and a private sector
business? - Answer>> Public sector - controlled by the
government (things we should all have the right to)
Private sector - privately owned (shareholders / owners)
What are the advantages of private over public sector and vice-
versa? - Answer>> Public - more available, worse service, paid
for through tax (funded by the government)
Private - less available, better service (each company is
competing for your money), paid for directly by the consumer
What is the difference between an incorporated and
unincorporated business? - Answer>> An unincorporated
business is a business whereby there is no legal distinction
between the business and the owner.
An incorporated business has a separate legal identity to its
owner(s).
What is a liability? - Answer>> A debt or financial obligation for
which someone is responsible
What is the difference between limited and unlimited liability?
Which kinds of businesses have which kind of liability? -
Answer>> Unlimited: The owner(s) is / are personally
responsible for the company (possessions can be repossessed)
Limited: Owner / shareholders are not personally responsible for
the company
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