A LEVEL EDEXCEL BUSINESS PAPER 1
QUESTIONS WITH CORRECT ANSWERS.
above-the-line promotion - CORRECT ANSWERS✔✔promotion that involves the use of media
(newspapers, TV, cinema, radio, internet and social media)
added value - CORRECT ANSWERS✔✔the extra features that may be offered when selling a product
which helps to exceed customer satisfaction
administrative barriers - CORRECT ANSWERS✔✔rules and regulations that make it difficult for importers
to penetrate an overseas market
agent/broker - CORRECT ANSWERS✔✔an intermediary that brings together buyer and seller (travel and
estate)
aim - CORRECT ANSWERS✔✔what a business tries to achieve in the long term
articles of association - CORRECT ANSWERS✔✔a document that provides information on the internal
running of the business
ASEAN - CORRECT ANSWERS✔✔association of southern east Asia nations - 10 countries including
Singapore and Vietnam
assesment of a country as a production location - CORRECT ANSWERS✔✔ease of doing business,
infrastructure, political stability, skills and availability of a labour force, natural resources, likely return
on investment and location in trading bloc
assessment of a country as a market - CORRECT ANSWERS✔✔ease of doing business, infrastructure,
disposable income, political stability and exchange rate
,autocratic leadership - CORRECT ANSWERS✔✔leader makes all decision (army - needs to follow orders)
B2B - CORRECT ANSWERS✔✔business to business (wholesaling) - COSCO wholesale
B2C - CORRECT ANSWERS✔✔business to consumer (retailer) - TESCO
barriers to entry - CORRECT ANSWERS✔✔factors that make it difficult for new entrants from entering
the market
below-the-line promotion - CORRECT ANSWERS✔✔promotion that doesn't involve the use of the media
bonus - CORRECT ANSWERS✔✔a payment in addition to wage
Boston matrix - CORRECT ANSWERS✔✔2x2 model that analyses a product portfolio of a business
according to its market growth and market share (cash cow, star, question mark and dog)
brand name - CORRECT ANSWERS✔✔a name, sign, symbol or other feature that allows consumers to
identify the goods of a business and differentiate it from rivals
brands - CORRECT ANSWERS✔✔manufactorer brands (Heinz Beans), own-label (Tesco value beans) and
generic (carrots)
breaking-bulk - CORRECT ANSWERS✔✔buying products in large quantities and selling them in smaller
chunks
BRIC - CORRECT ANSWERS✔✔Brazil, Russia ,India and China
centralisation - CORRECT ANSWERS✔✔decision-making takes place in the core of the workplace (top-
down)
, certificate of incorporation - CORRECT ANSWERS✔✔a document that declares that a business is allowed
to operate as a limited company
chain of command - CORRECT ANSWERS✔✔the way authority and power is organised in the workplace
choices - CORRECT ANSWERS✔✔when a business has to choose between alternatives or resources
choosing promotion - CORRECT ANSWERS✔✔cost, market type, product type, stage in product lifecycle,
legal factors and competitors promotion
code of conduct - CORRECT ANSWERS✔✔a set of rules outlining the practices of an organisation
collective bargaining - CORRECT ANSWERS✔✔a method used to determine conditions of work and
terms of employment through a worker's representative (trade union) and employer
commission - CORRECT ANSWERS✔✔percentage payment on a sale made
common market/ single market - CORRECT ANSWERS✔✔market where goods and services can more
freely among member countries.
comparative advantage - CORRECT ANSWERS✔✔country should produce products and services that it
can produce more effectively than other countries
competition policy - CORRECT ANSWERS✔✔government policy that exists to promote competition and
prevent high marketing power of businesses
competitive advantage - CORRECT ANSWERS✔✔an advantage that helps a business to perform better
than its rivals
competitive advantage (4) - CORRECT ANSWERS✔✔idea that a business should specialise in any area
that it can perform better than other rivals
QUESTIONS WITH CORRECT ANSWERS.
above-the-line promotion - CORRECT ANSWERS✔✔promotion that involves the use of media
(newspapers, TV, cinema, radio, internet and social media)
added value - CORRECT ANSWERS✔✔the extra features that may be offered when selling a product
which helps to exceed customer satisfaction
administrative barriers - CORRECT ANSWERS✔✔rules and regulations that make it difficult for importers
to penetrate an overseas market
agent/broker - CORRECT ANSWERS✔✔an intermediary that brings together buyer and seller (travel and
estate)
aim - CORRECT ANSWERS✔✔what a business tries to achieve in the long term
articles of association - CORRECT ANSWERS✔✔a document that provides information on the internal
running of the business
ASEAN - CORRECT ANSWERS✔✔association of southern east Asia nations - 10 countries including
Singapore and Vietnam
assesment of a country as a production location - CORRECT ANSWERS✔✔ease of doing business,
infrastructure, political stability, skills and availability of a labour force, natural resources, likely return
on investment and location in trading bloc
assessment of a country as a market - CORRECT ANSWERS✔✔ease of doing business, infrastructure,
disposable income, political stability and exchange rate
,autocratic leadership - CORRECT ANSWERS✔✔leader makes all decision (army - needs to follow orders)
B2B - CORRECT ANSWERS✔✔business to business (wholesaling) - COSCO wholesale
B2C - CORRECT ANSWERS✔✔business to consumer (retailer) - TESCO
barriers to entry - CORRECT ANSWERS✔✔factors that make it difficult for new entrants from entering
the market
below-the-line promotion - CORRECT ANSWERS✔✔promotion that doesn't involve the use of the media
bonus - CORRECT ANSWERS✔✔a payment in addition to wage
Boston matrix - CORRECT ANSWERS✔✔2x2 model that analyses a product portfolio of a business
according to its market growth and market share (cash cow, star, question mark and dog)
brand name - CORRECT ANSWERS✔✔a name, sign, symbol or other feature that allows consumers to
identify the goods of a business and differentiate it from rivals
brands - CORRECT ANSWERS✔✔manufactorer brands (Heinz Beans), own-label (Tesco value beans) and
generic (carrots)
breaking-bulk - CORRECT ANSWERS✔✔buying products in large quantities and selling them in smaller
chunks
BRIC - CORRECT ANSWERS✔✔Brazil, Russia ,India and China
centralisation - CORRECT ANSWERS✔✔decision-making takes place in the core of the workplace (top-
down)
, certificate of incorporation - CORRECT ANSWERS✔✔a document that declares that a business is allowed
to operate as a limited company
chain of command - CORRECT ANSWERS✔✔the way authority and power is organised in the workplace
choices - CORRECT ANSWERS✔✔when a business has to choose between alternatives or resources
choosing promotion - CORRECT ANSWERS✔✔cost, market type, product type, stage in product lifecycle,
legal factors and competitors promotion
code of conduct - CORRECT ANSWERS✔✔a set of rules outlining the practices of an organisation
collective bargaining - CORRECT ANSWERS✔✔a method used to determine conditions of work and
terms of employment through a worker's representative (trade union) and employer
commission - CORRECT ANSWERS✔✔percentage payment on a sale made
common market/ single market - CORRECT ANSWERS✔✔market where goods and services can more
freely among member countries.
comparative advantage - CORRECT ANSWERS✔✔country should produce products and services that it
can produce more effectively than other countries
competition policy - CORRECT ANSWERS✔✔government policy that exists to promote competition and
prevent high marketing power of businesses
competitive advantage - CORRECT ANSWERS✔✔an advantage that helps a business to perform better
than its rivals
competitive advantage (4) - CORRECT ANSWERS✔✔idea that a business should specialise in any area
that it can perform better than other rivals
