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Business GCSE Unit 1
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Calculate the revenue: Bob sold 200 cakes for £2 each at the station, he paid £10 for renting his table for sales
£400
Which 2 will be in a business plan: Personal details/staffing requirements/Persons name who you are leasing property from
answer satisfactory to teacher
Give 2 examples of variable costs
answer satisfactory to teacher
Give 2 examples of Fixed costs
answer satisfactory to teacher
Give the formula for revenue
Price per unit X Quantity sold
Give the formula for Total costs
Fixed costs + Variable costs
Give me 1 example of internal growth within a business
Answer satisfactory to teacher
what are the fees called that are paid by the franchisee to the franchisor
Royalties
Give 2 examples of external expansion
merger and takeover
What is diseconomy of scale
when a business grows and causes the costs to increase
What is economy of scale
When a business buys in bulk and pays lower prices
give 2 reasons why would it be a good idea to locate your business near an area of high unemployment
there will be a large number of people looking for word and wages will be lower
give 2 reasons for making a business plan
Answer according to teacher satisfaction
What is revenue
All the money the business makes from sales
True or False: Fixed costs vary with the output of the business
False - Fixed costs stay the same no matter how much is produced
True or False: All shareholders are stakeholders
True - all shareholders are affected by the business
What is a stakeholder
anyone who is affected by the business
What is a business objective
A short term goal
What is a Business aim
is a long term goal
True or false: most business that sell shares on the stock market are sole traders
False: Sole traders is one owner no shares are sold
True or False: not-for-profit organisations don't need to generate any income
False - they don't generate profit
How many people are in a partnership
2-20
Where does a PLC sell their shares
on the stock market
Give an example of opportunity cost
given according to teacher satisfaction
what is opportunity cost
The benefit that is given up to do something else
What are the 4 factors of production
land, labour, capital and enterprise
what is an entrepreneur
Someone who starts or runs a business
True or False: businesses are only set up to make money?
False they can also be for a social benefit like a charity
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