MAY-JUNE 2023 EDEXCEL GCSE BUSINESS PAPER 1B ; INVESTIGATING SMALL BUSINESS QUESTIONS ONLY

MAY-JUNE 2023 EDEXCEL GCSE BUSINESS PAPER 1B ; INVESTIGATING SMALL BUSINESS QUESTIONS ONLY Edexcel GCSE Business Paper 1b Section A ANSWER ALL QUESTIONS. WRITE YOUR ANSWERS IN THE SPACES PROVIDED 1 (a) Which one of the following is not a principle of employment law? Select one answer: A Recruitment B Consumer rights C Discrimination D Health and safety (1) (b) Which one of the following is a benefit of preparing a business plan? Select one answer: A It helps the business to obtain finance B It takes time to write C It has to be reviewed regularly D It costs money to prepare (1) (c) Explain one reason why a business would undertake market research. (3) (d) Explain one disadvantage to a business of using an overdraft as a source of finance. (3) (Total for Question 1 = 8 marks) 2 (a) Which two of the following are benefits of using a market map? Select two answers: A Proves demand exists for a product or service B Guarantees business success C Identifies a gap in the market D The map is based on market research E Shows features of competitors (2) (b) Which two of the following are not stakeholders of a partnership? Select two answers: A Board of directors B Customers C Employees D Shareholders E Suppliers (2) (c) Using the information below calculate the total profit for the business. You are advised to show your workings. Number of units sold: 20,000 Selling price per unit: £5.00 Fixed costs: £25,000 Variable costs per unit: £3.00 (2) (d) Explain one reason why a falling exchange rate might be good for a UK export business. (3) (e) Explain one reason why new business ideas come about. (3) (Total for Question 2 = 12 marks) 3 (a) Which one of the following could cause a decrease in the break even level of output? Select one answer: A A decrease in fixed costs B A decrease in revenue C An increase in total costs D An increase in variable costs (b) Using the information below, calculate the closing balance for the business. You are advised to show your workings. Opening balance: £38,560 Cash inflows: £119,430 Cash outflows: £98,120 (1) (2) (c) Explain one benefit to a business of using e-commerce. (3)