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iGCSE Business Studies Revision Exam
Questions And Answers 100% Pass
Primary sector - ANS Firms whose business activity involves the extraction of natural
materials.
Capital employed - ANS The value of all long term finance invested in the business.
Value of output - ANS The amount businesses earn from selling the products.
Horizontal integration - ANS Brings together two firms in the same industry who are also in
the same sector of business activity e.g. Godiva and Cadbury.
Forward vertical integration - ANS Brings together two firms in the same industry but one is a
customer of the other e.g. shoe manufacturer and a shoe retailer.
Backward vertical integration - ANS Brings together two firms in the same industry but one is
a supplier to the other e.g. Godiva and cocoa farm.
Conglomerate integration - ANS Brings together two firms who are in completely different
industries e.g. Forever 21 and Starbucks.
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Sole trader - ANS A business that is owned and controlled by just one person who takes all
the risks and receives all the profits.
Partnership - ANS A business formed by 2 or more people who invest capital, share
responsibility for the day to day running of the business as well as profits.
Dividend - ANS A payment to shareholders as a reward for their investment.
Shareholder - ANS A person who owns shares in a limited company.
Private limited company - ANS A small to medium sized company owned by shareholders
who have limited liability. The company cannot sell shares to the public.
Public limited company - ANS A large company owned by shareholders who have limited
liability. The company can sell shares to the general public.
Unlimited liability - ANS If the business failed, the owners might have to use their person
wealth to finance any business debts.
Franchise - ANS A business system where entrepreneur buy the right to use the name, logo
and product of an existing business.
Joint venture - ANS Two or more businesses agree to work together on a project and set up a
separate business for this purpose.
Public corporation - ANS A business organisation that is owned and controlled by the state.
Market share - ANS The revenue of a business expressed as a % of total market revenue.
iGCSE Business Studies Revision Exam
Questions And Answers 100% Pass
Primary sector - ANS Firms whose business activity involves the extraction of natural
materials.
Capital employed - ANS The value of all long term finance invested in the business.
Value of output - ANS The amount businesses earn from selling the products.
Horizontal integration - ANS Brings together two firms in the same industry who are also in
the same sector of business activity e.g. Godiva and Cadbury.
Forward vertical integration - ANS Brings together two firms in the same industry but one is a
customer of the other e.g. shoe manufacturer and a shoe retailer.
Backward vertical integration - ANS Brings together two firms in the same industry but one is
a supplier to the other e.g. Godiva and cocoa farm.
Conglomerate integration - ANS Brings together two firms who are in completely different
industries e.g. Forever 21 and Starbucks.
, ©EVERLY 2025 ALL RIGHTS RESERVED
Sole trader - ANS A business that is owned and controlled by just one person who takes all
the risks and receives all the profits.
Partnership - ANS A business formed by 2 or more people who invest capital, share
responsibility for the day to day running of the business as well as profits.
Dividend - ANS A payment to shareholders as a reward for their investment.
Shareholder - ANS A person who owns shares in a limited company.
Private limited company - ANS A small to medium sized company owned by shareholders
who have limited liability. The company cannot sell shares to the public.
Public limited company - ANS A large company owned by shareholders who have limited
liability. The company can sell shares to the general public.
Unlimited liability - ANS If the business failed, the owners might have to use their person
wealth to finance any business debts.
Franchise - ANS A business system where entrepreneur buy the right to use the name, logo
and product of an existing business.
Joint venture - ANS Two or more businesses agree to work together on a project and set up a
separate business for this purpose.
Public corporation - ANS A business organisation that is owned and controlled by the state.
Market share - ANS The revenue of a business expressed as a % of total market revenue.
