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AQA A level Business 3.7 May 2024 Exam Questions and Answers
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AQA A level Business 3.7 May 2024 Exam Questions and Answers
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AQA A level Business 3.7May 2024 Exam
Questions and Answers
What are mission statements and what are the influences
on missions? - Answer>> A mission statement sets out
the purpose of a business existing. The mission statement
relates to all stakeholders and typically focuses on the
following.
Influences:
-Value of the founders
-Industry the business is in
-Views of society
-Size of business and ownerships
-Culture of business
What are corporate objectives and what are the internal
and external influences affecting corporate objectives? -
Answer>> The corporate objectives of a business
quantify the mission of a business and set specific and
measurable targets for the whole population eg innovation,
sustainability, growth, shareholder value, social
responsibility, profitability, market standing
External influences:
-Economic conditions
-Social changes
-Tech changes
Global prices
,-Competitors
Internal influences:
-Poor performance
-New leadership
-Business ownership, culture and growth.
What is a strategy and tactics? - Answer>> Strategy is a
long term plan or approach that a business will take to
achieve its objectives. Strategies often involve a major
commitment to resources. Clear strategies guide tactical
decisions. Tactics are the day to day decisions take by
middle managers, they are frequent and involve fewer
resources. An example is if a business has a strategy to
be a market leader by having the widest range of
innovative products on the market. However, a tactical
decisions to support this strategy might be to divert an
extra £5 million into research and development.
What is the objectives hierarchy? - Answer>>
What is a SWOT analysis and what are the benefits and
limitations? - Answer>> A strategic tool that a business
can use to analyse its current position and external factors
that might affect it.
Benefits- assists strategic thinking in a structural way, low
cost (simple approach) and can be combined with their
decision-making models.
Limitations- subjective (depends on managers opinions),
doesn't offer clear solutions and classification may depend
on perspective.
, Whats an income statement? - Answer>> An income
statement communicates the revenue generated by a
business and then its profits at various levels following
expenses and incomes.
Whats the balance sheet? - Answer>> A financial
document that records the assets and liabilities of a
business. A balance sheet gives a snap shot of the value
and financial strength of a business.
What are non current assets (fixed assets)? - Answer>>
Used to operate business. Tangible non current assets are
land and machinery. Intangible non current assets are the
brands and patents.
What are current assets? - Answer>> Assets that the
business expects to use or sell within the year, can be
converted into cash to pay off liabilities.
What are current liabilities? - Answer>> Payments that
are due within 1 year
What are non-current liabilities? - Answer>> Debts that
a business doesn't expect to pay within a year
What are net current assets? - Answer>> the working
capital a business has
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