Cambridge IGCSE Business Studies Questions and Answers | Latest Update | 2024/2025 | Rated A+
3 views 0 purchase
Course
Cambridge IGCSE Business Studies
Institution
Cambridge IGCSE Business Studies
Cambridge IGCSE Business Studies
Questions and Answers | Latest Update |
2024/2025 | Rated A+
What is meant by a ‘need’?
A need is something essential for survival, such as food, water, or shelter.
What is a ‘want’?
A want is something that is not essential for survival but ...
Cambridge IGCSE Business Studies
Questions and Answers | Latest Update |
2024/2025 | Rated A+
What is meant by a ‘need’?
✔✔ A need is something essential for survival, such as food, water, or shelter.
What is a ‘want’?
✔✔ A want is something that is not essential for survival but is desired to improve the quality of
life, like a smartphone or holiday.
What is ‘opportunity cost’?
✔✔ Opportunity cost is the benefit or value of the next best alternative that is given up when
making a choice.
What is meant by ‘specialization’?
✔✔ Specialization is when individuals, businesses, or economies focus on producing a limited
range of goods or services to increase efficiency.
1
,What is ‘added value’?
✔✔ Added value is the difference between the cost of producing a product and the price at
which it is sold.
What is a ‘sole trader’?
✔✔ A sole trader is a business owned and operated by one person who has unlimited liability.
What is meant by a ‘partnership’?
✔✔ A partnership is a business owned by two or more people who share profits and
responsibility for its operation.
What is a ‘private limited company (Ltd)’?
✔✔ A private limited company is a business owned by shareholders, but its shares are not
available to the general public.
What is a ‘public limited company (PLC)’?
✔✔ A public limited company is a large business whose shares are traded on the stock exchange
and can be bought by the public.
2
,What is ‘unlimited liability’?
✔✔ Unlimited liability means that the business owners are personally responsible for all the
debts of the business.
What is meant by ‘limited liability’?
✔✔ Limited liability means that the shareholders of a company are only responsible for the
business's debts up to the amount they invested.
What is a ‘franchise’?
✔✔ A franchise is a business model where a franchisee is allowed to operate a business using
the branding, systems, and support of an established franchisor in exchange for fees.
What is ‘business objective’?
✔✔ A business objective is a specific goal that a business aims to achieve, such as increasing
profits, expanding market share, or improving customer satisfaction.
What is meant by ‘profit’?
✔✔ Profit is the financial gain that results when revenue exceeds costs.
3
, What is a ‘business plan’?
✔✔ A business plan is a document that outlines a business's objectives, strategies, target market,
and financial forecasts.
What is ‘revenue’?
✔✔ Revenue is the total amount of money a business earns from selling its products or services
before any expenses are deducted.
What is ‘market share’?
✔✔ Market share refers to the percentage of total sales in a market that is owned by a particular
business.
What is ‘break-even’?
✔✔ Break-even is the point at which a business's total revenue equals its total costs, resulting in
no profit or loss.
What is ‘cash flow’?
✔✔ Cash flow is the movement of money into and out of a business, including income and
expenses, over a period of time.
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.48. You're not tied to anything after your purchase.
