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WorksheetsPaper 1 that you need to know
Total questions: 22
Worksheet time: 15mins
Pick two financial risks and two financial rewards for an entrepreneur
Business failure
Lack of job security
Business success
Profit
Independence
Define intuition
Making a decision based on feelings
Making a decision based on market research
Making a decision because your mum told you to do it
Making an entrepreneurial decision
Pick ALL the forms of digital communication
Face-to-face
Skype
Video conference
Pick two advantages of digital communication
Costs are reduced
Can communicate all around the world
Employees can be on their phones at all times
Communication cannot be hacked
Which of these describes the impact of low interest rates on borrowers
Borrowers have to pay a smaller amount to borrow money, so they will have more to spend
Borrowers have to pay more to borrow from the bank, so they will have less to spend
Borrowers are paid more money to keep money in the bank, so they have more to spend
Borrowers are paid small amounts and will then have less to spend
Pick the two impacts of interest rates
The amount paid back on what is borrowed from a bank
The amount gained from cash saved in a bank
How interested someone is in your business
The level of interest a bank has in lending money to a business
Define tax
Money paid to the government for public services
Money paid to the government for businesses to sell products
Money paid to the government for birthday parties
Money paid to the government to help customers purchase products
Which two elements do market maps normally use?
Quality and price
Price and product
Place and quality
Place and product
Pick the two advantages and one disadvantage of a market map
Helps a business see its competitors
A business can find a gap in the market
Unreliable as it is opinion
Easy to make mistakes
Its quick
Pick one advantage and one disadvantage for a franchisor
The business can grow without one person managing multiple locations
A branch may ruin the reputation of the business
There is less risk
Unlimited liability
Pick one advantage and one disadvantage for a franchisee
Support is provided by the franchisor
A franchisee cannot make any decisions to change the business
Unlimited liability
You keep all the profits
Define overdraft
High interest loan
Low interest loan
Long term loan
Pick too many players
Pick one advantage and disadvantage of overdrafts
It is high interest
It is a quick loan
It has no interest
It is free
Pick all the four parts of employment law
How a business recruits employees
Employees must be paid differently depending on their age
Employees are treated fairly at work
Everyone at work is responsible for keeping each other safe
Everyone at work must ensure people are working their hardest
Which of these is an advantage of employment law for employees?
All recruits have equal opportunities when applying for a job
Employees are working at their top level
The government will come and visit
The government will like you
Define limited liability
All debts are paid by business investments and assets
Debts are paid business investments and personal debts
They take your car if you can't pay debts
Pick two advantages of a strong brand
Easily recognisable
Customers are more likely to trust your business
It's harder to break
You will gain limited liability
Pick the calculation for net cash flow
total inflows + total outflows
total inflows - total outflows
opening balance - closing balance
total outflows - closing balance
Calculate the closing balance of February
180
420
-228
150
Pick one advantage and one disadvantage of e-commerce
It can be accessed 24/7 by customers
Customers cannot try the product before buying so they may be less inclined to purchase
It guarantees more sales
Customers prefer to leave the house to buy products
Define crowdfunding
Funding from a large number of people
Profit held in the business
Money invested by shareholders
Money lent to a business by a large business/entrepreneur
Pick one advantage and one disadvantage of crowdfunding
Can gain a large amount of money in small increments
Relies on random people to be able to raise money
Need to consider the opinion of shareholders
Most cost-effective method of money
