Exam (elaborations)
Business Studies A level AQA Exam Questions and Answers
- Course
- Institution
Business Studies A level AQA Exam Questions and Answers
[Show more]
Seller
Follow
RevisionKing
Reviews received
Content preview
Business Studies A level AQA ExamQuestions and Answers
What is a business objective? Why is one needed? - Answer>>
- It is a goal for the entire organisation
- They guide the actions of those withing the business
What are the main objectives a business might have? (There are
8) - Answer>> - Growth
- Reduction of risks / diversification
- Profit (reduce production costs / increase price)
- Survive (applicable for most start-up companies)
- Cash flow objective (making sure the cash flowing into a
business is enough to cover what must pay out in any period)
- Ethical objectives (environment, fairtrade etc)
- Becoming the market leader
- Stakeholder Objectives (keeping the shareholders / employees /
government happy)
What is a Stakeholder? - Answer>> A stakeholder is an
individual / group of peope with an interest in the business e.g -
workers, shareholders, government etc
What is a public limited company? - Answer>> A company that
is owned by shareholders (generally a larger company)
What does niche mean? - Answer>> A small specific market
aimed at only a few types of people
How is profit calculated? - Answer>> total revenue - total cost
(money in - money out)
,What are the two types of costs? What are they and what are
some examples? - Answer>> Fixed cost and Variable cost
Fixed - If output changes, fixed costs do not change
e.g - rent of the building, salary of the worker
Variable - As output changes, so do variable costs
e.g - costs of materials
What do the letters SMART stand for? - Answer>> Specific
Measurable
Agreed
Realistic
Timescale
^ used for making company goals
What does qualitative mean? - Answer>> With no data / facts
What is a mission statement? - Answer>> A qualitative
statement of an organisation's aims that uses language intended
to motivate employees and convince customers, suppliers and
those outside the firm of it's sincerity and commitment
How and why does a company's mission link to its objectives? -
Answer>> - Objectives allow companies to reach the aims in
their mission statement
- A company must understand it's mission / overall goals to form
objectives
How do we structure an 8 mark analysis question? - Answer>>
PECAn
Point
Explain
, Context
Analysis
What is the difference between a public and a private sector
business? - Answer>> Public sector - controlled by the
government (things we should all have the right to)
Private sector - privately owned (shareholders / owners)
What are the advantages of private over public sector and vice-
versa? - Answer>> Public - more available, worse service, paid
for through tax (funded by the government)
Private - less available, better service (each company is
competing for your money), paid for directly by the consumer
What is the difference between an incorporated and
unincorporated business? - Answer>> An unincorporated
business is a business whereby there is no legal distinction
between the business and the owner.
An incorporated business has a separate legal identity to its
owner(s).
What is a liability? - Answer>> A debt or financial obligation for
which someone is responsible
What is the difference between limited and unlimited liability?
Which kinds of businesses have which kind of liability? -
Answer>> Unlimited: The owner(s) is / are personally
responsible for the company (possessions can be repossessed)
Limited: Owner / shareholders are not personally responsible for
the company
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RevisionKing. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now