Test (elaborations) Business Studies

Murphy Resources Exam Companion



Set 1 Paper 1 Mark scheme

Section A

01.1 – Answer C
01.2 – Answer D
01.3 – Answer D
01.4 – Answer A
01.5 – Answer B
01.6 – Answer B

01.7 - State one risk and one reward to an entrepreneur starting a business venture

Marks for this question: AO1 = 2
1 mark for each method identified up to 2 marks.

Possible answers
• Risks
o Financial
o Market
o Personal
• Rewards
o Financial
o Managerial
o Personal


01.8 – Explain the needs of one stakeholder

Marks for this question: AO1 = 2
1 mark for identifying a stakeholder and 1 marks for stating their needs.

Possible answers
• Customers – low prices, value, customer service
• Shareholders – return on shares, growth, some power
• Government – economic contribution, taxation, fair competition
• Local community – low pollution/noise, local investment, job creation
• Suppliers – contracts, good communication, repeat purchase, quick payment
• Owners – profitability, market growth, weak competition, salaries
• Employees – job stability, fair pay, good working conditions, benefits




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