Igcse business Study guides, Class notes & Summaries

QUESTIONS AND ANSWERS

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...

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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 ...

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...

EDEXCEL IGCSE Business Studies, latest updated Above-the-line promotion Placing adverts using the media. Acid test ratio Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker An intermediary that brings together buyers and sellers. Anti-competitive practices...

A Need Correct Answer A good or service essential for living. A want Correct Answer A good or service that people would like to have, but which is not essential for living. Economic problem Correct Answer Unlimited wants but limited resources - this creates scarcity. Scarcity Correct Answer Lack of sufficient products to satisfy total wants of population. Opportunity Costs Correct Answer The next best item given up by choosing another. Factors of production Correct Answer Resource...

EDEXCEL IGCSE BUSINESS STUDIES QUESTIONS AND ANSWERS GRADED A+