AS
BUSINESS
Paper 1 Business 1
Friday 17 May 2024 Morning Time allowed: 1 hour 30 minutes
For Examiner’s Use
Question Mark
Section A
11
12
13
14
15
16.1
16.2
17.1
17.2
TOTAL
7131/1
, 2
Section A
Answer all questions in this section.
Only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 Statement 1: ‘Profit is important because it can measure success.’
Statement 2: ‘Profit is important because it can reward shareholders.’
Read statements 1 and 2 and select the correct option from the following:
[1 mark]
A Statement 1 is true. Statement 2 is true.
B Statement 1 is true. Statement 2 is false.
C Statement 1 is false. Statement 2 is true.
D Statement 1 is false. Statement 2 is false.
0 2 Which one of these factors is not a feature of lean production?
[1 mark]
A Frequent deliveries from suppliers
B Long lead times
C Low inventory levels
D Right first time quality
, 3
Do not write
outside the
0 3 A product has demand that is price inelastic. The business selling this product is most box
likely to:
[1 mark]
A set a high price and use penetration pricing.
B set a high price and use price skimming.
C set a low price and use penetration pricing.
D set a low price and use price skimming.
0 4 The directors of a public limited company may change it to a private limited company to:
[1 mark]
A access more funds from the stock exchange.
B gain limited liability.
C increase the number of potential shareholders.
D reduce the level of legal regulations required.
Turn over for the next question
Turn over ►
, 4
Do not write
outside the
0 5 Think about Maslow’s hierarchy of needs. Which one of the following statements does box
Maslow say is true?
[1 mark]
A Security/safety needs must be satisfied before physiological
needs can be used to motivate employees.
B Self-actualisation needs must be satisfied before ego/esteem
needs can be used to motivate employees.
C Social/belonging needs must be satisfied before ego/esteem
needs can be used to motivate employees.
D Social/belonging needs must be satisfied before security/safety
needs can be used to motivate employees.
0 6 Statement 1: ‘Market mapping is often used to calculate the market share of a business.’
Statement 2: ‘Market mapping shows the geographical location of a business on a map.’
Read statements 1 and 2 and select the correct option from the following:
[1 mark]
A Statement 1 is true. Statement 2 is true.
B Statement 1 is true. Statement 2 is false.
C Statement 1 is false. Statement 2 is true.
D Statement 1 is false. Statement 2 is false.
0 7 A business has an opening balance of £5000 on 1 July.
In the month of July, there is a cash outflow of £14 000. The net cash flow for July is
£22 000.
The business’ closing balance on 31 July is:
[1 mark]
A –£9000
B £8000
C £13 000
D £27 000
BUSINESS
Paper 1 Business 1
Friday 17 May 2024 Morning Time allowed: 1 hour 30 minutes
For Examiner’s Use
Question Mark
Section A
11
12
13
14
15
16.1
16.2
17.1
17.2
TOTAL
7131/1
, 2
Section A
Answer all questions in this section.
Only one answer per question is allowed.
For each question completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 Statement 1: ‘Profit is important because it can measure success.’
Statement 2: ‘Profit is important because it can reward shareholders.’
Read statements 1 and 2 and select the correct option from the following:
[1 mark]
A Statement 1 is true. Statement 2 is true.
B Statement 1 is true. Statement 2 is false.
C Statement 1 is false. Statement 2 is true.
D Statement 1 is false. Statement 2 is false.
0 2 Which one of these factors is not a feature of lean production?
[1 mark]
A Frequent deliveries from suppliers
B Long lead times
C Low inventory levels
D Right first time quality
, 3
Do not write
outside the
0 3 A product has demand that is price inelastic. The business selling this product is most box
likely to:
[1 mark]
A set a high price and use penetration pricing.
B set a high price and use price skimming.
C set a low price and use penetration pricing.
D set a low price and use price skimming.
0 4 The directors of a public limited company may change it to a private limited company to:
[1 mark]
A access more funds from the stock exchange.
B gain limited liability.
C increase the number of potential shareholders.
D reduce the level of legal regulations required.
Turn over for the next question
Turn over ►
, 4
Do not write
outside the
0 5 Think about Maslow’s hierarchy of needs. Which one of the following statements does box
Maslow say is true?
[1 mark]
A Security/safety needs must be satisfied before physiological
needs can be used to motivate employees.
B Self-actualisation needs must be satisfied before ego/esteem
needs can be used to motivate employees.
C Social/belonging needs must be satisfied before ego/esteem
needs can be used to motivate employees.
D Social/belonging needs must be satisfied before security/safety
needs can be used to motivate employees.
0 6 Statement 1: ‘Market mapping is often used to calculate the market share of a business.’
Statement 2: ‘Market mapping shows the geographical location of a business on a map.’
Read statements 1 and 2 and select the correct option from the following:
[1 mark]
A Statement 1 is true. Statement 2 is true.
B Statement 1 is true. Statement 2 is false.
C Statement 1 is false. Statement 2 is true.
D Statement 1 is false. Statement 2 is false.
0 7 A business has an opening balance of £5000 on 1 July.
In the month of July, there is a cash outflow of £14 000. The net cash flow for July is
£22 000.
The business’ closing balance on 31 July is:
[1 mark]
A –£9000
B £8000
C £13 000
D £27 000
