Igcse business studies Study guides, Class notes & Summaries

Chapter 8 _ IGCSE Business Studies with complete solution

Chapter 8 | IGCSE Business Studies questions with complete solution

Start-up capital correct answers The initial investment of capital in a business. Working capital correct answers The finance needed by a business to pay its day-to-day costs, for example, wages, raw materials and electricity. Capital expenditure correct answers The money spent on fixed assets. Revenue expenditure correct answers The money spent on day-to-day expenses. Short-term finance correct answers This type of finance includes any source of finance with a maturity of one year o...

QUESTIONS AND ANSWERS

Business - Answer An organisation which produces goods and services Consumer goods - Answer Goods and services sold to ordinary people rather than businesses Entrepreneurs - Answer People who take risk and set up businesses Goods - Answer Physical products like a mobile phone, packet of crisps or a pair of shoes Services - Answer Non-physical products like banking, car washing and waste disposal Needs - Answer Basic requirements for human survival Private sector - A...

Motivation - Answer Workers want to work hard and effectively for their employer. Wage - Answer Payment for work, usually paid weekly. Time rate - Answer Wage based on number of hours worked. Piece rate - Answer Wage based on number of unit of output produced. Salary - Answer Payment for work, usually paid monthly. Commission - Answer Payment based of number of units sold. Profit Sharing - Answer Payment to employees based on a share of the profits of the business...

IGCSE BusineIGCSE Business Studies 4 Operations Managementss Studies 4 Operations Management

Direct taxes - Answer taxes paid directly to the government, for example by employees from income, or by businesses from their profits Fiscal policies - Answer government economic policies based on taxation and public expenditure Gross Domestic Product (GDP) - Answer the total value of goods and services produced by a country Indirect taxes - Answer taxes paid to the government through an intermediary: for example, VAT is added to the price of most goods and collected from custo...

Cambridge IGCSE Business Studies Exam Questions with 100% Correct Answers A Need - A good or service essential for living. A want - A good or service that people would like to have, but which is not essential for living. Economic problem - Unlimited wants but limited resources - this creates scarcity. Scarcity - Lack of sufficient products to satisfy total wants of population. Opportunity Costs - The next best item given up by choosing another. Factors of production - Resources needed ...