AQA GCSE Business Unit 1 Questions with complete solution 2024
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Course
AQA GCSE
Institution
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...
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
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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