Exam (elaborations)
AQA A-Level business paper 1 revision 2024
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AQA A-Level business paper 1 revision/AQA A-Level business paper 1 revision WITH 100% CORRECT ANSWERS
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AQAA-Level
business
paper
1
revision
WITH
100%
CORRECT
ANSWERS
Why
businesses
exist
-
ANS
Can
make
you
money
and
you
can
be
your
own
boss
Mission
-
ANS
a
business
aim
expressed
to
make
it
seem
especially
purposeful
and
motivating
Objectives
-
ANS
SMART
Specific,
Measurable,
Achievable,
Realistic,
Time-bound
Why
businesses
set
objectives
-
ANS
-
it
is
motivating
to
have
a
goal
to
aim
toward
-
as
a
boss
you
can
not
make
every
decision
Profit
-
ANS
Revenue
-
total
costs
What
are
the
5
types
of
business
-
ANS
-sole
traders
-private
limited
companies
(LTD)
-Public
limited
companies
(PLC)
-Private
and
public
sector
organisations
-
non-profit
organisations
(charities)
Sole
traders
-
ANS
a
business
that
is
owned
and
operated
by
one
person
Private
Limited
Company
(Ltd)
-
ANS
A
small
to
medium
sized
company,
owned
by
shareholders
who
have
limited
liability.
The
company
cannot
sell
its
shares
to
the
general
public.
Private
Limited
Company
Advantages
-
ANS
-Limited
liability
-Additional
capital
can
be
raised
by
selling
shares
(not
to
the
general
public)
-Separate
legal
existence
to
the
owner
-Higher
business
status
to
sole
trader
Private
limited
company
Disadvantages
-
ANS
-You
have
to
publish
the
account
information
-You
need
two
share
of
£1
each
Public
limited
company
(plc)
-
ANS
A
limited
company
with
more
that
£50,000
of
share
capital.
Any
member
of
the
public
can
buy
shares.
Public
companies
must
publish
more
detailed
accounts
Public
limited
company
Advantages
-
ANS
-Raising
capital
through
public
issue
of
shares
-Offering
shares
to
the
public
spreads
risk -Banks
are
more
likely
to
lend
money
to
PLC's
-More
growth
and
expansion
opportunities
-Having
PLC
at
the
end
of
your
business
name
gives
a
better
image
-Shares
are
more
easily
transferred
so
shareholders
are
happier
-Separate
legal
entity
to
the
owner
public
limited
company
Disadvantages
-
ANS
-More
regulations
that
could
increase
costs
-Higher
level
of
transparency
needed
-Must
start
with
£50,000
share
capital
Private
sector
organisations
-
ANS
Organisations
owned
by
individuals
or
companies
Public
sector
organisations
-
ANS
Businesses
owned
by
the
government.
Non-profit
organisations
-
ANS
Businesses
with
a
motive
other
than
profit,
may
be
to
provide
a
social
benefit
or
service
to
society
or
to
support
a
cause.
Share
capital
-
ANS
The
total
value
of
capital
raised
from
shareholders
by
the
issue
of
shares
Role
of
Shareholders
-
ANS
to
raise
important
issues
with
the
board
directors
and
raise
funds
Why
shareholders
invest
-
ANS
-Annual
dividend
payments
-A
rise
in
the
value
of
shares
Market
capitalisation
-
ANS
Number
of
issued
shares
x
current
share
price
Influences
on
the
price
of
shares
-
ANS
-The
profit
after
tax
of
the
company
x
the
value
investors
place
on
on
those
earnings
Significance
of
share
price
changes
-
ANS
High
=
cheap
and
easy
to
obtain
more
share
capital
Low
=
unlikely
to
raise
any
extra
share
capital
What
are
the
6
external
factors
affecting
businesses
-
ANS
-Market
conditions
-Competition
-Changes
in
household
incomes
-Changes
in
interest
rates
-Demographic
factors
-Environmental
issues
Market
Conditions
-
ANS
-The
number
of
competitors
in
a
particular
market
-The
intensity
of
competitiveness
-Total
market
available
-The
rate
at
which
the
market
is
growing Competition
-
ANS
The
tighter
the
economic
and
market
conditions,
the
greater
the
competitive
pressures
tend
to
be
Factors
that
effect
household
incomes
-
ANS
-Changes
in
the
real
income
of
the
main
income
earner
-The
number
of
people
in
the
household
that
work
-The
impact
of
government
decisions
on
taxation
and
benefits
Changes
in
interest
rates
-
ANS
If
interest
rates
go
up,
businesses
and
individuals
spend
less.
If
interest
rates
go
down,
businesses
and
individuals
spend
more.
Demographic
factors
-
ANS
-Population
size
-Age
-Gender
-Ethnicity
Environmental
issues
and
fair-trade
-
ANS
Concern
for
green
issues
and
ethical
issues
involved
with
business.
What
do
managers
do
-
ANS
Set
objectives,
organize,
motivate
and
communicate,
measure,
develop
people
What
are
the
leadership
styles
-
ANS
-Autocratic
managers
-Democratic
managers
(laissez-faire)
-Paternalistic
Autocratic
managers
-
ANS
Managers
who
centralise
power
and
tell
employees
what
to
do.
They
tend
to
use
one-way,
top-down
communication.
Democratic
managers
(laissez-faire)
-
ANS
Managers
that
take
the
view
of
their
subordinates
into
account
when
making
decisions
as
well
as
delegating
authority.
Communication
tends
to
be
two-way.
'Laissez-faire'
means
'Let
it
be"
Paternalistic
managers
-
ANS
They
try
to
do
what
is
best
for
their
staff.
There
may
be
consultations
to
find
out
the
views
but
the
boss
always
makes
the
final
decision.
Blake
and
Mouton's
Managerial
Grid
-
ANS
looks
at
'concern
for
people'
and
'concern
for
performance'
then
grades
the
people
to
see
where
they
fall
on
the
grid.
What
are
the
5
leadership
types
from
the
Blake
Mouton
grid
-
ANS
-Team
management/Teamwork
(9,9)
-Authority/Obedience
(9,1)
-Middle-of-the-road
management
(5,5)
-Country
Club
management
(1,9)
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