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Business Basics and Exam Preparation
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Business Basics and Exam Preparation
Business Basics and Exam Preparation
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1
Question
What is the purpose of the 'How to use this book' section?
Answer
To guide effective study and understanding of the course.
2
Question
Name one feature of the textbook designed to support exam preparation.
Answer
Learning objectives at each chapter start.
3
Question
Why is understanding business activity important?
Answer
It explains how businesses operate and make decisions.
4
Question
What is a key characteristic of entrepreneurs according to the content?
Answer
They demonstrate personal characteristics such as risk-taking and decision-making.
5
Question
What is one reason Yeo’s expanded into international markets?
Answer
To increase sales and market reach.
6
Question
What does the case study about Yeo’s illustrate regarding international business?
Answer
Market expansion and brand awareness strategies.
7
Question
What is the main benefit of conducting 'sampling tours' in new markets?
Answer
Raising product awareness and attracting customers.
8
Question
What are the two main types of questions in Paper 1 and Paper 2 exams?
Answer
Data response and case study questions.
9
Question
What should students do to prepare for exams according to the guidance?
Answer
Work through all activities and revision thoroughly in advance.
10
Question
What does the command word 'Define' instruct students to do?
Answer
Clearly state the meaning of a term concisely.
11
Question
In exam questions, what does 'Explain' require beyond stating a fact?
Answer
Providing detailed reasoning and application to the business.
12
Question
What is the key focus when answering a 'Justify' question?
Answer
Providing reasons and weighing options to support a recommendation.
13
Question
Why is time management important during exams?
Answer
To ensure all questions are answered adequately within the time limit.
14
Question
How can businesses use the internet for promotion?
Answer
Through social media, websites, and online advertising.
15
Question
What is one advantage of buying a franchise for Derek?
Answer
It offers support and established brand recognition.
16
Question
What is one disadvantage of buying a franchise?
Answer
It can be expensive and limit independence.
17
Question
Why might Derek choose to set up his own clothing shop instead of a franchise?
Answer
To have full control and potentially reduce costs.
18
Question
Identify two stakeholders interested in Derek’s business and explain why.
Answer
Customers, interested in product quality; suppliers, interested in sales.
19
Question
What are the two main types of business organizations discussed?
Answer
Sole traders and partnerships.
20
Question
What is one benefit of operating as a sole trader?
Answer
Full control over business decisions.
21
Question
What could be a disadvantage of a sole trader?
Answer
Unlimited liability, risking personal assets.
22
Question
Name one benefit of setting up a franchise for Mohammed.
Answer
Brand recognition and support from the franchisor.
23
Question
Name one disadvantage of buying a franchise.
Answer
High initial costs and ongoing fees.
24
Question
What is a key reason Derek should choose his business organization carefully?
Answer
It affects the control, liability, and growth of his business.
25
Question
How can business activity be classified?
Answer
According to industry, size, or purpose.
26
Question
What is one purpose of setting clear business objectives?
Answer
To guide and measure business success.
27
Question
Why is understanding stakeholder objectives important?
Answer
It helps balance different interests to achieve business goals.
28
Question
Define 'primary stage of industry'.
Answer
It involves exploiting natural resources like farming, fishing, forestry, and mining.
29
Question
What activities are included in the secondary sector of industry?
Answer
Manufacturing, building, construction, and processing goods.
30
Question
Describe the tertiary sector of industry.
Answer
Providing services such as transport, banking, retail, and hospitality to consumers and businesses.