AQA_2024: A-level Business - Paper 1
Business 1
(Merged Question Paper and Marking Scheme)
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signat ure
I declare this is my own work.
A-level
BUSINESS
Paper 1 Business 1
Tuesday 14 May 2024 Morning Time allowed: 2 hours
Materials
For this paper you must have: For Examiner’s Use
a calculator. Question Mark
Section A
Instructions
Use black ink or black ball-point pen. 16
Fill in the boxes at the top of this page. 17
Answer all questions in Section A and Section B.
18
Answer one question from Section C and one question from Section D.
You must answer the questions in the spaces provided. Do not write 19
outside the box around each page or on blank pages. 20
If you need extra space for your answer(s), use the lined pages at the end of
21
this book. Write the question number against your answer(s).
Do all rough work in this answer book. Cross through any work you do not 22
want to be marked. 23
24
Information
The marks for questions are shown in brackets. TOTAL
The maximum mark for this paper is 100.
,For A-level Business Paper 1 (Business 1), focus on the following key areas:
1. Business Activity:
Purpose of Business: Understand the reasons why businesses exist, such as providing goods and
services, making profits, and fulfilling customer needs. Recognize the importance of creating value in a
competitive market.
Types of Businesses: Study the different types of business ownership, such as sole traders,
partnerships, private limited companies (Ltd), public limited companies (PLC), and franchises.
Understand the advantages and disadvantages of each.
2. Business Objectives and Stakeholders:
Business Objectives: Be familiar with common objectives such as profit maximization, survival, market
share, growth, and corporate social responsibility (CSR). Understand how these objectives vary based
on the business size and type.
Stakeholders: Learn the importance of stakeholders (e.g., shareholders, employees, customers,
suppliers) and how businesses must balance their interests. Understand conflicts that may arise
between stakeholders and how businesses manage them.
3. Marketing:
Market Research: Understand the difference between qualitative and quantitative research and the
methods used for data collection (e.g., surveys, focus groups, questionnaires). Recognize the value of
market research in understanding customer needs and making informed decisions.
Marketing Mix (4Ps): Learn the components of the marketing mix—Product, Price, Place, and
Promotion—and how businesses use them to meet customer needs and compete effectively in the
market.
4. Operations Management:
Production Methods: Know the different types of production methods (e.g., job production, batch
production, flow production) and their advantages and disadvantages. Understand how businesses
select the appropriate method based on their needs.
5. Human Resources (HR):
Recruitment and Selection: Understand the recruitment process, including job descriptions,
advertisements, interviews, and selection methods. Learn the importance of hiring the right employees
for business success.
6. Financial Management:
Sources of Finance: Understand different methods of financing a business, such as loans, equity
financing, retained earnings, and crowdfunding. Know when to use each type of financing based on the
business’s stage and size.
Profitability: Be able to calculate and interpret key financial metrics like profit margins, gross profit,
net profit, and break-even point.
Break-even Analysis: Learn how to calculate the break-even point and understand its importance in
determining the level of sales needed to cover costs.
IB/G/June24/G4004/E5 7132/1
, 2
Do not write
outside the
Section A box
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 In which of these business forms could the owner/owners be required to sell personal
assets to pay for business liabilities?
[1 mark]
A Private limited companies and public limited companies
B Private limited companies and sole traders
C Public limited companies only
D Sole traders only
0 2 Statement 1: ‘Cheaper resources overseas would discourage a UK business which has
a low-cost positioning strategy from re-shoring production.’
Statement 2: ‘Political instability overseas would discourage a UK business from
re-shoring production.’
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.
IB/G/Jun24/7132/1
, 3
Do not write
outside the
0 3 Delayering in a business is likely to: box
[1 mark]
A decrease the span of control of managers.
B improve the speed of vertical communication.
C increase opportunities for promotion.
D lead to less autonomy for workers.
0 4 The data below shows the budgets of a business for a particular year:
Budgeted income: £200m
Budgeted expenditure: £160m
At the end of the year, the actual income was as budgeted but expenditure was 20%
higher than the budget.
This means that the actual profit showed:
[1 mark]
A a favourable variance of £8 million.
B a favourable variance of £32 million.
C an adverse variance of £8 million.
D an adverse variance of £32 million.
0 5 Which one of the following statements is true?
In a SWOT analysis:
[1 mark]
A a recession in the business’ main export market is a weakness.
B an increase in labour productivity in the business is an opportunity.
C an increase in the number of patents held by a business is a strength.
D disappointing levels of innovation from research and development are a threat.
Turn over ►
IB/G/Jun24/7132/1
Business 1
(Merged Question Paper and Marking Scheme)
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signat ure
I declare this is my own work.
A-level
BUSINESS
Paper 1 Business 1
Tuesday 14 May 2024 Morning Time allowed: 2 hours
Materials
For this paper you must have: For Examiner’s Use
a calculator. Question Mark
Section A
Instructions
Use black ink or black ball-point pen. 16
Fill in the boxes at the top of this page. 17
Answer all questions in Section A and Section B.
18
Answer one question from Section C and one question from Section D.
You must answer the questions in the spaces provided. Do not write 19
outside the box around each page or on blank pages. 20
If you need extra space for your answer(s), use the lined pages at the end of
21
this book. Write the question number against your answer(s).
Do all rough work in this answer book. Cross through any work you do not 22
want to be marked. 23
24
Information
The marks for questions are shown in brackets. TOTAL
The maximum mark for this paper is 100.
,For A-level Business Paper 1 (Business 1), focus on the following key areas:
1. Business Activity:
Purpose of Business: Understand the reasons why businesses exist, such as providing goods and
services, making profits, and fulfilling customer needs. Recognize the importance of creating value in a
competitive market.
Types of Businesses: Study the different types of business ownership, such as sole traders,
partnerships, private limited companies (Ltd), public limited companies (PLC), and franchises.
Understand the advantages and disadvantages of each.
2. Business Objectives and Stakeholders:
Business Objectives: Be familiar with common objectives such as profit maximization, survival, market
share, growth, and corporate social responsibility (CSR). Understand how these objectives vary based
on the business size and type.
Stakeholders: Learn the importance of stakeholders (e.g., shareholders, employees, customers,
suppliers) and how businesses must balance their interests. Understand conflicts that may arise
between stakeholders and how businesses manage them.
3. Marketing:
Market Research: Understand the difference between qualitative and quantitative research and the
methods used for data collection (e.g., surveys, focus groups, questionnaires). Recognize the value of
market research in understanding customer needs and making informed decisions.
Marketing Mix (4Ps): Learn the components of the marketing mix—Product, Price, Place, and
Promotion—and how businesses use them to meet customer needs and compete effectively in the
market.
4. Operations Management:
Production Methods: Know the different types of production methods (e.g., job production, batch
production, flow production) and their advantages and disadvantages. Understand how businesses
select the appropriate method based on their needs.
5. Human Resources (HR):
Recruitment and Selection: Understand the recruitment process, including job descriptions,
advertisements, interviews, and selection methods. Learn the importance of hiring the right employees
for business success.
6. Financial Management:
Sources of Finance: Understand different methods of financing a business, such as loans, equity
financing, retained earnings, and crowdfunding. Know when to use each type of financing based on the
business’s stage and size.
Profitability: Be able to calculate and interpret key financial metrics like profit margins, gross profit,
net profit, and break-even point.
Break-even Analysis: Learn how to calculate the break-even point and understand its importance in
determining the level of sales needed to cover costs.
IB/G/June24/G4004/E5 7132/1
, 2
Do not write
outside the
Section A box
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 In which of these business forms could the owner/owners be required to sell personal
assets to pay for business liabilities?
[1 mark]
A Private limited companies and public limited companies
B Private limited companies and sole traders
C Public limited companies only
D Sole traders only
0 2 Statement 1: ‘Cheaper resources overseas would discourage a UK business which has
a low-cost positioning strategy from re-shoring production.’
Statement 2: ‘Political instability overseas would discourage a UK business from
re-shoring production.’
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.
IB/G/Jun24/7132/1
, 3
Do not write
outside the
0 3 Delayering in a business is likely to: box
[1 mark]
A decrease the span of control of managers.
B improve the speed of vertical communication.
C increase opportunities for promotion.
D lead to less autonomy for workers.
0 4 The data below shows the budgets of a business for a particular year:
Budgeted income: £200m
Budgeted expenditure: £160m
At the end of the year, the actual income was as budgeted but expenditure was 20%
higher than the budget.
This means that the actual profit showed:
[1 mark]
A a favourable variance of £8 million.
B a favourable variance of £32 million.
C an adverse variance of £8 million.
D an adverse variance of £32 million.
0 5 Which one of the following statements is true?
In a SWOT analysis:
[1 mark]
A a recession in the business’ main export market is a weakness.
B an increase in labour productivity in the business is an opportunity.
C an increase in the number of patents held by a business is a strength.
D disappointing levels of innovation from research and development are a threat.
Turn over ►
IB/G/Jun24/7132/1
