WorksheetsNational 5 Business Management Exam Revision 2022
Total questions: 48
Worksheet time: 27mins
A business that has limited liability:
Sole trader
Partnership
Private Limited Company
A disadvantage of a partnership business:
Owners get to keep all profits
Limited liability
Workload is shared between partners
Disagreements may arise between partners
A business in this sector of the economy is funded through taxpayers money and ran by the government
Public
Private
Third
Tertiary
A business in this sector of the economy is funded through donations and is run by a board of trustees
Social enterprise
Third
Private
Public
A business in this sector of the economy is financed through owners own savings or bank loans, and has the main aim of making a profit
Public
Primary
Private
Secondary
Describe an impact that an employee may have on a business:
Describe the interest that the Government has on a business:
Which external factor is concerned with a boom or bust period in the economy:
Political
Environmental
Economical
Technological
Which external factor is concerned with changing demographics, e.g. an increase in population
Technological
Social
Political
Competitive
Explain the impact of a competitor shop opening up next door to a business
A factor that may influence where a business (a) is the rental charges in that area.
A factor that may influences a businesses (a) is the the quality of products they are selling
This method of promotion is one of the more expensive methods of advertising, it uses graphics and demonstrations to sell the product
Radio Advertising
TV Advertising
Sales promotion
Email advertising
Describe a benefit of e-mail advertising
A benefit of branding is
It is easier for the business to launch a new product due to customers trusting the brand
Branding is associated with higher quality therefore higher prices can be charged
If a customer has a bad experience with a brand it can ruin their perception of the brand as a whole
Advertisement for brands is more expensive
A (advantage/disadvantage) of packaging is that it may use single use plastic which is bad for the environment
(a)
A (advantage/disadvantage) of packaging is that it keeps the product safe during transport
(a)
Describe a benefit of e-commerce
This method of ICT can enhance the efficiency of the marketing department as it allows them to research their competitors prices
Social Media
Internet
Spreadsheets
Draw the inventory control diagram. Must include axes, labels and shape.
Quality (a) checks products for faults at every stage of production.
An advantage of being an ethical business is:
It can damage the businesses reputation
It can enhance the businesses reputation
It can lower the costs for a business
It can attract desirable employees to work for the business
Describe how a business can be environmentally friendly
(a) production is capital intensive and produces identical products on a production line.
(a) production uses skilled labour to make the products, each product is individual to meet customer requirements
Identify a factor to consider when choosing a supplier:
This method of inventory control is labour intensive
Manual Inventory Control
Electronic Stock Control
An advantage of batch production is:
Customer satisfaction can be increased due to a batch meeting the needs of the customer
If one batch is ruined it effects all the products in the batch
Staff are heavily involved in the production process therefore highly motivated
Products can be made 24/7 due to being fully capital intensive
(a) the job training is when the employee is trained at their place of work.
A disadvantage of off the job training is:
Employees will feel valued getting trained for the business
Employees may be trained on equipment that is not used at their place of work
Production may slow down whilst staff are out of the business for training
Employees may receive an official qualification or certificate once completed
Which type of training is given to new employees. For example, health and safety training.
(a)
Compare internal recruitment with external recruitment (1)
A benefit of (a) recruitment is that the business already know the employee, therefore know their skills and qualities
A cost of (a) recruitment is that you have a smaller selection to recruit from, this means you may not select the best candidate for the job.
A document used in the recruitment process is:
CV
Reference
Person Specification
Job Specification
Describe an advantage of using CV's in the selection process
Name this stage of the recruitment process: After a vacancy is found, this stage finds out information about the job itself, including hours, job duties, salary
(a)
Describe how video conferencing (zoom/teams) can enhance the efficiency of the HR department in the recruitment and selection process
This source of finance does not need to be paid back, however, can involve lots of paperwork and can be time consuming to receive
Bank Loan
Overdraft
Government Grant
Owners Savings
Identify a source of finance that could be used for business expansion
A disadvantage of using a bank loan is that it has to be paid back with (a)
This is the profit a business has made from its sales alone (before deductions)
Profit for the Year
Gross Profit
Retained Profit
Final Profit
Identify an expense for a business
The purpose of producing a cash budget is
Allows the business to plan for the future
Allows the business to pay the correct amount of tax
The business can choose their wages
Allows the business to identify cash flow problems
The purpose of preparing an income statement is
Allows the business to plan for the future
Allows the business to pay the correct amount of tax
Allows the business to compare performance with previous years
Allows the business to fire its staff
Describe a cash flow solution to this problem:
The business are spending too much money on staff wages
Identify a cash flow problem with the cash budget
An advantage of an overdraft:
Does not need to be paid back with interest
Can be used to fund highly expensive purcahses
Can be useful in emergency situations
