iGCSE Business Studies Questions and Answers | Latest Version | 2024/2025 | 100% Pass
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Course
IGCSE Business Studies
Institution
IGCSE Business Studies
iGCSE Business Studies Questions and
Answers | Latest Version | 2024/2025 |
100% Pass
What is the definition of a business?
A business is an organization that provides goods or services to customers in exchange for
money.
What are the main objectives of a business?
The main objective...
iGCSE Business Studies Questions and
Answers | Latest Version | 2024/2025 |
100% Pass
What is the definition of a business?
✔✔A business is an organization that provides goods or services to customers in exchange for
money.
What are the main objectives of a business?
✔✔The main objectives of a business typically include making a profit, increasing market share,
and providing quality products or services.
What is the difference between goods and services?
✔✔Goods are tangible products that can be touched and stored, while services are intangible and
involve performing tasks for customers.
What is market segmentation?
✔✔Market segmentation is the process of dividing a broad target market into smaller, more
defined categories based on characteristics such as demographics, interests, or needs.
1
,How does supply and demand affect pricing?
✔✔Supply and demand affect pricing by determining the equilibrium price; when demand
exceeds supply, prices tend to rise, and when supply exceeds demand, prices tend to fall.
What is the purpose of a business plan?
✔✔The purpose of a business plan is to outline the goals, strategies, and financial projections of
a business, serving as a roadmap for its operations.
What are fixed costs?
✔✔Fixed costs are expenses that do not change with the level of production or sales, such as
rent, salaries, and insurance.
What is cash flow?
✔✔Cash flow is the movement of money in and out of a business, crucial for maintaining
operations and meeting financial obligations.
What is the role of marketing in a business?
✔✔The role of marketing is to identify customer needs, create awareness about products or
services, and build customer relationships to drive sales.
2
, What is competition in business?
✔✔Competition refers to the rivalry between businesses to attract customers and gain market
share, often leading to innovation and better services.
What are stakeholders?
✔✔Stakeholders are individuals or groups that have an interest in the performance and activities
of a business, including employees, customers, suppliers, and investors.
What is a franchise?
✔✔A franchise is a business model where one party (the franchisee) is granted the right to
operate a business using the brand and operational model of another party (the franchisor).
What is the significance of customer feedback?
✔✔Customer feedback is significant as it provides insights into customer satisfaction, helping
businesses improve products and services.
What does the term "economies of scale" refer to?
3
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