100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
AQA GCSE Business Questions with complete solution 2024 $13.49   Add to cart

Exam (elaborations)

AQA GCSE Business Questions with complete solution 2024

 6 views  0 purchase
  • Course
  • AQA GCSE
  • Institution
  • AQA GCSE

AQA GCSE Business Questions with complete solution 2024 Efficiency is the...? - correct answer minimisation of production resources whilst maximising production output. The lower the average unit cost is, the more _________ a business is. - correct answer efficient Break even formula: - c...

[Show more]

Preview 2 out of 9  pages

  • August 27, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AQA GCSE
  • AQA GCSE
avatar-seller
Academia199
AQA GCSE Business - Unit 3: Business
Operations
Efficiency is the...? - correct answer ✔minimisation of production resources
whilst maximising production output.


The lower the average unit cost is, the more _________ a business is. -
correct answer ✔efficient


Break even formula: - correct answer ✔Fixed Costs / Contribution (selling
price - V. Cost)


What are 6 types of waste? - correct answer ✔Over Production
Waiting Times
Transport
Stock going out of date/fashion/becoming obsolete
Motion (in terms of production line)
Defects


What is JiT? - correct answer ✔Just in Time
Means inputs arrive and outputs are produced when they are needed.


Advantages to JiT:
(4) - correct answer ✔-Less Waste
- Less Space Needed

, - Smaller Investments (ideal for smaller business that cannot afford to buy a
huge stock at once. Ordering stock as and when it's needed maintains a
healthy cash flow)
- Stock is less likely to go obsolete/out of date


Disadvantages to JiT:
(5) - correct answer ✔- Risk of running out of stock
- Lack of control over time frame (relies on timeliness of suppliers for each
order)
- More planning required (potential opportunity cost involved)
- No spare/buffer stocks held if mistakes are made/there are surges in
demand
- System is reliant on suppliers delivering on time


Kaizen: - correct answer ✔A firm that has implemented kaizen introduces
constant small improvements to its business. Employees are encouraged and
are often best placed to suggest improvements as they deal with daily
business processes.


Advantages of Kaizen:
(5) - correct answer ✔- Improves quality and efficiency
- Can improve motivation
- Easier to implement
- Reinforces teamwork
- Improves staff retention


What is the definition of production? - correct answer ✔The process of
turning raw materials into goods and/or services that can be sold.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart