Unit 1-4

1. Define scarcity
2. Why is specialisation important to a business?
3. Define added value
4. How does business activity change as a country develops
5. What is a mixed economy
6. Give 4 characteristics of an entrepreneur
7. Give 3 things that would be found in a business plan
8. 2 reasons why should business create a business plan
9. What is a grant?
10. Why do governments support start ups
11. 3 methods of measuring business size
12. 2 reasons why some businesses want to remain small
13. 2 reasons why businesses want to expand
14. 2 reasons why businesses fail
15. 2 reasons why NEW businesses are more at risk of failure
16. Define joint venture
17. Advantages and disadvantages of being a soletrade (or partnership, or private limited company or public limited
company)
18. Define unincorporated company
19. Define limited businesses
20. Define public SECTOR
21. Name 4 business objectives
22. 2 benefits of a business having an objective
23. What are the objectives of social enterprises
24. Define stakeholder
25. Name 2 internal stakeholders of Nike
26. Name 2 external stakeholders of Nike
27. Why might there be a conflict of objectives between stakeholders
28. Why might the objectives of a private sector business be different to the objectives of a public sector businesses
29. Why is it important to have a well motivated workforce
30. Explain Maslow, Taylor, Hertzberg
31. Name 3 financial rewards
32. Draw a simple organizational chart
33. Define chain of command
34. What are the roles, responsibilities and inter-relationships between people in organisations
35. Give 5 functions of management
36. Why is delegation a balance of trust vs control?
37. Name 3 leadership styles
38. What is a trade union
39. What is an advantage of being in a trade union.
40. What are the stages of recruitment and selection?
41. Define internal recruitment
42. Define external recruitment
43. 2 benefits of having part time workers (same for full time workers)
44. 2 limitations of having part time workers (same for full time workers)
45. Define induction training
46. Define on the job training
47. Define off the job training
48. 2 reasons why a business might need to reduce its workforce size
49. What is the difference between redundancy and dismissal
50. Name 4 legal controls over employment issues
51. Give 2 ways that changes in these legal controls could affect the business
52. Name 4 methods of communication
53. Name 3 non financial rewards
54. Name 3 communication barriers and explain how each one can be reduced
55. What are the 3 roles of marketing?
56. 2 reasons why might customer spending patterns might change
57. Why have some markets become more competitive
58. 2 benefits and 2 limitations of niche marketing
59. 2 benefits and 2 limitations of mass marketing
60. Give 4 ways a market can be segmented
61. Give 4 methods of primary research
62. What is a market orientated business
63. Give 3 factors that affect the accuracy of market research
64. Define brand image
65. Explain 2 ´roles´ of packaging
66. Draw a product life cycle
67. Name the 5 pricing methods
68. Explain an adv and disadvantages of each pricing method
69. Define price elastic demand and name a product
70. Define inelastic demand and name a product
71. Explain the 4 channels of distribution
72. State the aims of promotion
73. Explain why a marketing budget it so important when making promotional decisions
74. Define e-commerce
75. Explain the opportunities and threats of e-commerce
76. What is the marketing mix?
77. Name 3 legal controls that affect marketing strategy
78. Give 2 benefits of entering a foreign market
79. Give 2 negatives of entering a foreign market
80. How would a joint venture overcome the problems of entering a foreign market
81. Define production
82. Explain the difference between production and productivity
83. 3 ways you can increase efficiency
84. 2 benefits of increasing efficiency
85. 2 reasons why businesses hold inventories
86. Name 2 methods of lean production
87. Give 2 benefits and 2 limitations of Job production (repeat for flow, repeat for batch)
88. Explain CAD
89. Explain CAM
90. Name 4 types of costs
91. Main 3 types of economies of scale
92. Explain diseconomies of scale
93. DRAW the BREAK EVEN TABLE Mr Jack taught you
94. Draw a breakeven graph
95. Write the break even calculation
96. Give 2 limitations of a breakeven chart
97. Define quality
98. Define quality assurance
99. Define relocation
100. Give 3 factors relevant to deciding the location of a manufacturing business (then for a service business)
101. 2 ways legal controls could affect location decisions

UNIT 5 and Unit 6

1. 3 reasons businesses need finance
2. What is the difference between short term and long term finance
3. Give examples of internal sources of finance
4. Give examples of external sources of finance
5. What is equity finance
6. Why is micro finance so important for developing countries
7. Name 4 factors to consider when deciding which source of finance to choose
8. Why is cash important to a business?
9. Why is a cash flow forecast important to a business
10. Can you draw and calculate a cash flow forecast
11. Give 3 ways a business can overcome a short-term cash flow problem
12. What is working capital? Why is it so important to a business
13. What is profit
14. Give 2 reasons why profit is so important to a business
15. What is the difference between profit and cash
16. What is revenue
17. What is cost of sales
18. What is gross profit
19. What is profit (net)
20. What is retained profit
21. Can you use an income statement to help you make a decision about something
22. Can you understand a balance sheet and all it´s parts
23. Can you use a balance sheet to know how a business finances its activities
24. Can you use a balance sheet to know what assets a business owns
25. Can you use a balance sheet to know if they should sell inventories to raise finance
26. Write the equations for 3 performance ratios and be able to calculate and understand their results
27. Write the equations for 2 liquidity ratios and be to calculate and understand their results.
28. What is liquidity
29. Why is liquidity very important for a business
30. Name 2 stakeholders who would use a cash flow forecast and explain how.
31. Name 2 stakeholders who would use an income statement and explain how.
32. Name 2 stakeholders who would use a balance sheet and explain how.
33. Name 2 stakeholders who would use performance ratios or liquidity ratios and explain how.
 Unit 6
1. Give 3 economic objectives of governments
2. What are the main stages of the business cycle
3. What are the features of each stage of the cycle
4. How can changes in tax affect businesses
5. How can changes in government spending affect businesses
6. How can changes in interest rates affect businesses
7. How can business respond to any of the changes above
8. How can businesses make an impact on the environment
9. What are externalities
10. What is sustainable development
11. How might businesses respond to pressure groups
12. Why might businesses respond to pressure groups
13. What ways do governments prevent damage to the environment through legal controls
14. Why is there often a conflict between profit and ethics
15. How might a business respond to ethical issues like child labour
16. Why has globalization occurred?
17. What opportunities to businesses has globalization created
18. What threats to businesses has globalization created
19. What are import tariffs and quotas. Why are they introduced?
20. Explain 3 benefits of becoming a multinational
21. Give 3 benefits to the host country of having a multinational
22. Give 2 negatives to the host country of having a multinational
23. What is appreciation
24. What is depreciation
25. How exchange rates affect importers
26. How exchange rates affect exporters