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business paper 1 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed $10.49   Add to cart

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business paper 1 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed

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VAT- value added tax -:- tax on value of sales of a business if they make more than certain amount of profit Income tax -:- tax on the income earned by workers and soletraders corporation tax -:- A tax on limited companies profits. national insurance contributors -:- a tax on the ownin...

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  • September 4, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business
  • Business
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TestTrackers
2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



business paper 1 Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
VAT- value added tax


✓ -:- tax on value of sales of a business if they make more than certain amount of

profit




Income tax


✓ -:- tax on the income earned by workers and soletraders




corporation tax


✓ -:- A tax on limited companies profits.




national insurance contributors


✓ -:- a tax on the owning of workers based around benefits




role of business enterprise


✓ -:- -sell goods/services

-meet customer needs


-add value



1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




good


✓ -:- physical items that the customer can use, eat or hold e.g. phone




service


✓ -:- intangible, actions performed by others for you e.g. haircut




add value


✓ -:- quality, branding, design, convenience and USPs




role of entrepreneurship


✓ -:- -organise resources

-take risks


-make business decisions




why new business ideas come about


✓ -:- -changes in technology

-products/services becoming obsolete


-change in consumer wants


2|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




how new business ideas come about


✓ -:- -adapting an existing idea

-creating an original idea




risk


✓ -:- -lack of financial security

-financial loss


-business failure




reward


✓ -:- -profit

-Independence


-business success




branding


✓ -:- recognisable and trusting brand so people more willing to spend money




USP


3|Page | Grade A+| 2024/2025

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