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AQA GCSE Business Unit 1 Questions with complete solution 2024 $13.49   Add to cart

Exam (elaborations)

AQA GCSE Business Unit 1 Questions with complete solution 2024

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  • AQA GCSE

AQA GCSE Business Unit 1 Questions with complete solution 2024 Business - correct answer An activity that requires the organisation of resources to achieve a reward whilst running a risk Entrepreneur - correct answer An individual with an idea for a business Reasons for starting a busines...

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  • August 27, 2024
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  • 2024/2025
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  • AQA GCSE
  • AQA GCSE
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AQA GCSE Business Unit 1
Business - correct answer ✔An activity that requires the organisation of
resources to achieve a reward whilst running a risk


Entrepreneur - correct answer ✔An individual with an idea for a business


Reasons for starting a business - correct answer ✔Pursue hobby or interest
Escape uninteresting job
Be their own boss
Fill a gap in the market


Social enterprise - correct answer ✔An activity that achieves a reward for
society


Gap in the market - correct answer ✔A business opportunity that is either a
completely new idea or adds something different to an existing product or
service


Franchise - correct answer ✔The legal right to use the name and logo of an
existing firm and sell the same products


Benefits of a franchise - correct answer ✔Able to sell an already recognised
product
Take advantage of experience of franchisor
Benefit from central services such as marketing and training

,Drawbacks of a franchise - correct answer ✔Some revenue is paid to
franchisor
Lacks complete ownership
Could lose franchise


Business aim - correct answer ✔A stated target for the future


Business objective - correct answer ✔A clearly defined target for a business
to achieve over a certain period of time


Growth - correct answer ✔An increase in turnover, market share or profit


Profit - correct answer ✔What is left after costs have been deducted from
revenue


Profit margin - correct answer ✔Profit made as a proportion of sales revenue


Sales - correct answer ✔The amount sold or the value sold


Market share - correct answer ✔The proportion of total market sales sold by
one business


Customer satisfaction - correct answer ✔How happy the customer is with the
product or service


Ethics - correct answer ✔The moral questions on which decisions are made
and the impact of the business on its internal and external environment

, Turnover - correct answer ✔The value of sales made during a trading period


Stakeholder - correct answer ✔An individual or group with an interest in a
business


Examples of stakeholders - correct answer ✔Employees
Shareholders
Customers
Managers
Suppliers


Business plan - correct answer ✔A statement showing how a business sets
out to achieve its aims and objectives


Funding - correct answer ✔The capital provided for the various stages of
business growth by different sources of finance


Forecast - correct answer ✔A technique where the business attempts to
estimate future sales or other financial variables


Things included in a business plan - correct answer ✔Missions/aims
Objectives
Market environment
Competition
Product/service
Marketing
Distribution

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