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WorksheetsY13 A LEVEL BUSINESS THEME 1 & 2 REVISION
Total questions: 30
Worksheet time: 15mins
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
How should you answer a 4 mark explain question ??
Point > Explain > Apply > Context > However
Point > Explain > Apply > Conclusion
Point > Explain > Apply
Definition only
____ is a set of processes and practices intended to reduce the amount of waste
Waste minimisation
Quality circles
Kanban
Work in progress
_____ means a reduction in storage space which saves rent and insurance costs
High stock holding
Stockpiled goods
Over utilisation
Lower stock holding
An advantage of low levels of stock = ??
Less working capital is tied up in stock
Production is very reliant on suppliers and if stock is not delivered on time, the whole production schedule can be delayed
High amounts of working capital is tied up in stock
There is no spare finished product available to meet unexpected orders
____ is a sustained increase in the average price level of an economy.
Recession
Inflation
Exchange rate
Opportunity cost
How does inflation affect businesses?
It motivates employees
Increased costs
Lower cost of raw materials
Lower interest rates
How does inflation affect businesses?
Lower corporation tax rates
Lower interest rates
Lower costs
It creates uncertainty
A ____ is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices.
break even point
fiscal policy
competitive advantage
monetary policy
_____ is an approach to management that focuses on cutting out waste, whilst ensuring quality.
Work in progress
Buffer stocks
Lead time
Lean production
On a 20 mark question, my conclusion should use the ____ framework.
ROCE
AWOL
PEACH
MOPS
What is the formula for total sales revenue?
Price per unit + Number of units sold
Price per unit x Number of units sold
Price per unit / Number of units sold x 100
Price per unit - Number of units sold
_____ is a method of production that involves employing all resources to complete one unit of output at a time.
Downsizing
Batch production
Job production
Flow production
The investors may require a lower level of reward than a bank or venture capitalist is an advantage of what source of finance???
Bank overdraft
Share issue
Franchising
Crowd funding
Crowd funders may be wary to provide finance due to lack of ____ in the crowd funding industry
opportunities
indirect taxation
regulation
risks
A system where the product is checked/tested at each stage of the production process = ???
Batch production
Outsourcing
Job production
Quality assurance
Gross profit = ????
Sales revenue – cost of sales
Sales revenue / cost of sales
Sales revenue x cost of sales
Sales revenue - Fixed costs - Variable costs
Producing goods and services at a given quality using as few resources = ??
Working capital
Liquidity
Inflation
Waste minimisation
____ will result in fewer defective products being produced.
Price elasticity of demand
Lean production
Redeployment
Outsourcing
The business focuses on the needs and wants of the customers = ???
Market orientation
Product orientation
Just in Time production
Kaizen
____ will allow a business to meet customer needs more effectively .
Product orientation
Stock rotation
Market orientation
Deflation
