Y13 A LEVEL BUSINESS THEME 1 & 2 REVISION

The total costs of a business can be calculated using this formula = ???

• Total costs (TC) = Fixed costs (FC) - Variable costs (VC)

• Total costs (TC) = Fixed costs (FC) x Variable costs (VC)

• Total costs (TC) = Fixed costs (FC) + Variable costs (VC)

• Total costs (TC) = Fixed costs (FC) / Variable costs (VC)

Advantage of batch production = ???

• Potentially de-motivating for staff

• Need to keep stocks of raw materials

• Making in batches reduces unit costs

• Time lost switching between batches – machinery may need to be reset

______ involves the collective effort of a large number of individuals who network and pool small amounts of their capital to finance a new or existing business venture.

• Bank loan

• Venture capital

• Crowd funding

• Share issue

Advantage of crowd funding = ???

• If you haven't protected your business idea with a patent or copyright, someone may see it on a crowdfunding site and steal your concept

• Failed projects risk damage to the reputation of your business and people who have pledged money to you

• It can be a fast way to raise finance with no upfront fees.

• Getting the rewards or returns wrong can mean giving away too much of the business to investors

The processes that ensure production quality meets the requirements of customers = ????

• Quality assurance

• Customer satisfaction

• Market segmentation

• Market orientation

Gross profit divided by revenue x 100 = ???

• Contribution per unit

• Net profit margin

• Break even point

• Gross profit margin

A method that involves completing one operation at a time on all units before performing the next = ???

• Downsizing

• Batch production

• Outsourcing

• Kaizen

A method of working for businesses that takes into account customers' wants when standardizing quality. It often involves guaranteeing quality standards are met = ???

• Batch production

• Just in Time

• Kaizen

• Quality assurance

How should you answer a 8 mark assess question?

• Definition > 3 x PEACH paragraphs

• Definition > 2 x PEACH paragraphs

• Definition > 2 x PEACH paragraphs > Conclusion

• Definition > 1 x PEACH paragraph > Conclusion

How should you answer a 10 mark assess question?

• Definition > 2 x PEACH paragraphs

• Definition > 3 x PEACH paragraphs

• Definition > 2 x PEACH paragraphs > Conclusion

• Definition > 1 x PEACH paragraphs > Conclusion