MI - Mrs H GCSE Business Whole Course

What are the three risks for starting a business?

• Financial Loss

• Lack of Security

• Sadness

• Business Success

• JOY

What is a financial objective? (2)

• survival

• money

• profit

• being the boss

Select the non-financial objectives

• to pass time

• fun

• Challenge

• because they are bored

Why do aims and objectives change?

• for fun

• the world is changing

• boredom

• changing trends

What is market share?

• the % of profit a business makes

• the % of sales a business makes

• the % of customers a business has

• the % of products a business has

Formula for variable costs

• Total costs - Fixed costs

• receipts - payments

• sales - revenue

• Variable cost of one unit * quantity

What is another word for turnover?

• profit

• sales

• Revenue

• overdraft

What is the rate of interest?

• Extra money

• The cost of borrowing and reward for saving money.

• Extra profit

• The cost of saving and reward for borrowing money

When is a business making profit?

• meeting the Break even point

• when they take out a loan

• Total Revenue < Total Cost

• Total Revenue > Total Cost

WHAT impacts Cashflow?

• changes in flowers

• changes in costs

• changes in profit

• changes in materials