Business studies igcse - Study guides, Revision notes & Summaries

QUESTIONS AND ANSWERS

Above-the-line promotion - correct answer Placing adverts using the media. Acid test ratio - correct answer Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising - correct answer Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker - correct ...

EDEXCEL IGCSE BUSINESS STUDIES QUESTIONS AND ANSWERS GRADED A+

QUESTIONS AND ANSWERS

iGCSE Business Studies Exam Study Guide with Complete Solutions Needs - Correct Answer️️ -We cannot live without these. Wants - Correct Answer️️ -They benefit us but are not necessary to live. Scarcity - Correct Answer️️ -Lack of sufficient resources. Needs (example) - Correct Answer️️ -Water, food, housing. Wants (example) - Correct Answer️️ -Soft drinks, chocolate, furniture. Opportunity Cost - Correct Answer️️ -The next best alternative. Factors of Production -...

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, packet of crisps or a pair of shoes Services - Answer Non-physical products like banking, car washing and waste disposal Needs - Answer Basic requirements for human survival Private sector - A...

QUESTIONS AND ANSWERS

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 Payment for work, usually paid monthly. Commission - Answer Payment based of number of units sold. Profit Sharing - Answer Payment to employees based on a share of the profits of the business...

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 goods and services produced by a country Indirect taxes - Answer taxes paid to the government through an intermediary: for example, VAT is added to the price of most goods and collected from custo...

EDEXCEL IGCSE Business Studies Glossary of terms for 2022 November series latest questions and answers