Business Studies Full Bundle Questions And Answers 2024 !!!

Productivity - Answer output measured against the inputs used to create it. Buffer Inventory Level - Answer inventory held to deal with uncertainty in customer demand and deliveries of supplies. Lean Production - Answer techniques used by businesses to cut down on waste and therefore inc...

Entrepreneur - Answer Someone who is willing to take the risks involved in starting a business. Social Enterprise - Answer A business which aims to help society as opposed to gaining a profit. Market Research - Answer The process of collecting, analysing and interpreting data relevant to...

Marketing mix - Answer Product Price Promotion Place Human Resource Cycle - Answer Acquisition Training & Development Maintenance Separation Influences in external business environment - Answer GEOGRAPHIC ECONOMIC MARKETS SOCIAL POLITICAL LEGAL INSTITUTIONAL TECHNOLOGICAL ...

Small Business - Answer An organisation that has less than 20 employees Objective - Answer A specific target a business sets itself Seasonality - Answer A concept that explains that some businesses experience fluctuating levels of demand throughout the year Longevity - Answer The ab...

Business - Answer An organisation which produces goods and services Consumer goods - Answer Goods and services sold to ordinary people rather than businesses Entrepreneurs - Answer People who take risk and set up businesses Goods - Answer Physical products like a mobile phone, packe...

Direct taxes - Answer taxes paid directly to the government, for example by employees from income, or by businesses from their profits Fiscal policies - Answer government economic policies based on taxation and public expenditure Gross Domestic Product (GDP) - Answer the total value of g...

Need - Answer A good or service that is essential for people's living Want - Answer A good or service which people want to have, not essential Economic problem - Answer When wants exceed the resource available to make scarcity Scarcity - Answer when there are unlimited wants but li...

Above-the-line promotion - Answer Placing adverts using the media. Acid test ratio - Answer Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising - Answer Communication between a business and its customers whereby messages are...

Stakeholders - Answer Individuals or groups of individuals who affect or are affected by a business Give 8 examples of stakeholders - Answer 1. Government 2. Owner 3. Employees 4. Financiers 5. Community 6. Costumers 7. Managers 8. Suppliers Consumer Goods - Answer Goods and ser...

Motivation - Answer Workers want to work hard and effectively for their employer. Wage - Answer Payment for work, usually paid weekly. Time rate - Answer Wage based on number of hours worked. Piece rate - Answer Wage based on number of unit of output produced. Salary - Answer P...

A Need - Answer A good or service essential for living. A want - Answer A good or service that people would like to have, but which is not essential for living. Economic problem - Answer Unlimited wants but limited resources - this creates scarcity. Scarcity - Answer Lack of suffici...

A physical product such as a house or designer suit - Answer Good An intangible item such as insurance or decorating - Answer Service A more general term which includes goods and services - Answer Product Measures the total value of the production of an economy over a period of time -...

Goods - Answer Tangible products Services - Answer Intangible products, tasks paid to do Production - Answer The process of creating finished products Semi-finished products - Answer Products ready to be incorporated into finished products Finished products - Answer Products re...

What is cost leadership? - Answer aiming to have the lowest cost while making the most profit what is economies of scales - Answer this is when businesses can buy in bulk meaning they get there products at a cheaper price what is a standardised good? with example - Answer good with unifo...