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Business
End of Year Assessment
| Question | Answer |
|---|---|
| Name three risks of starting a new business | Financial loss, lack of security, business failure |
| Name three potential rewards of starting a new business | Independence, profit, business success |
| What 5 ways can a business add value to a product? | convenience, branding, design, unique selling point, quality |
| What is the difference between quantative and qualitative data? | Quatative data is data that can be measured and might have a numerical value, such as statistics. Qualitative data is more descriptive and uses language, such as research into people’s opinions |
| Give four examples of primary research | Survey, questionnaire, focus group, observation |
| Give three examples of secondary research | Internet, market reports, government reports |
| What technique could a business use to identify a gap in the market? | Market mapping |
| What are four examples of market segments? | Location, age, income, lifestyle |
| Where might businesses find weaknesses in their competitiors? | Based on price, location, quality, product range and customer service (these could also be strengths |
| What are 5 examples of financial aims in a business? | survival, profit, sales, market share, financial security |
| What are 5 examples of non-financial aims in a business? | social objectives, personal satisfaction, challenge, independence and control |
| What is the margin of safety? | The amount sales can fall before the break even point |
| What are 2 short-term sources of finance? | Overdraft, trade credit |
| Name 6 long-term sources of finance? | Personal savings, venture capital, share capital, capital, loans, crowd funding, retained profit |
| Define share capital | Raising finance by selling part-ownership in the buiness |
| Define venture capital | A combination of share capital and loan capital, provided by an investor taking a risk on a small/medium business. May also come with advice from investor |
| Define crowdfunding | Raising capital online from many small investor (NOT through stock market) |
| Define trade credit | When a supplier provides goods but is willing to wait to be paid, usually for up to three months |
| What are three advantages of running a sole trader business? | More personal profit, asker setup, 100% control |
| What are three disadvantages to running a sole trader business? | Unlimited liability, only one running business, only one funding the business |
| What are three advantages of running a partnership business? | Shared risk, support and advice from partner(s), increased credibility from investors |
| What are three disadvantages to running a partnership business? | Shared profit, shared control, unlimited liability |
| What are two advantages to running a PLC? | Not personally responsible from debts, input and advice from multiple people |
| What are two disadvantages of running a PLC? | Not as much control, have to publish accounts |
| What are three advantages of being a franchisee? | Get to use name, rights and business methods, sell an established product, training paid for |
| What are three disadvantages of being a franchisee? | Pay royalty payment for rights, less entrepreneurial freedom, limited choice for selling |
| What three things impact business location? | Proximity to labour, market, materials and competitors, nature of business, use of Internet |
| What are the Four P’s of the marketing mix? | Price, product, promotion, place |
| What three things might have an influence on the marketing mix? | Competitive environment, change in consumer needs, changes in technology |
| What 7 things are needed in a business plan? | Business aims, target market, marketing plan, marketing mix, forecast revenue cost and profits, sources of finance, location |
| What are the benefits of having a business plan? | Increases chances of external finance and helps you understand your finances |
| What are the cons of having a business plan? | It’s only a plan, in reality things won’t go how you expected and does person who wrote the plan have business experience? |
| Who are the 3 internal stakeholders in a business? | Shareholders, employees, managers |
| Who are the 5 external stakeholders in a business? | Customers, suppliers, local community, pressure groups and the government |
| Define E-commerce | Selling online rather than a physical, one-to-one transaction |
| What are three consequences of not following business legislation? | Fines, imprisonment and disqualification |
Created by:
PodgyGeordie
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