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Revision test 2
Unit 2: Establishing a business
Chapter 4: Legal requirements and financial considerations

Answer all questions in the spaces provided. Use the marking scheme as a guide to the time

you should spend on each question.

Time allowed for the test: 30 minutes

TOTAL 30 MARKS

1 Explain the difference between a procedure and a policy.

2 marks

2 Explain the difference between an overseas supplier and an overseas retailer.

2 marks

3 Define the following terms:

(a) Procurement

(b) Social media advertising

(c) Robotics

(d) Corporate social responsibility

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Unit 2: Establishing a business Chapter 4: Legal requirements and financial considerations

(e) Customer database

5 x 1 mark each

4 Identify and explain five factors that a business should consider when choosing a

supplier.

10 marks

5 Explain why it is important for a business owner to establish effective policies and

procedures for his or her business.

2 marks

6 Evaluate the costs and benefits of a business owner developing contact with overseas

suppliers when establishing a new business.

5 marks

7 Explain what three-dimensional printing is and how it could change the way in which

businesses manufacture goods.

4 marks

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