Business Paper 1 Summary and Study Guide for Exam Preparation

VAT- value added tax - Anstax on the value of sales of a business if they make more than a certain amount of profit Income tax - Anstax on the income earned by workers and sole-traders corporation tax - AnsA tax on limited company's profits. national insurance contributors - Ansa tax on the owning of workers based around benefits role of business enterprise - Ans-sell goods/services -meet customer needs -add value good - Ansphysical items that the customer can use, eat or hold e.g. phone service - Ansintangible, actions performed by others for you e.g. haircut add value - Ansquality, branding, design, convenience and USPs role of entrepreneurship - Ans-organise resources -take risks -make business decisions why new business ideas come about - Ans-changes in technology -products/services becoming obsolete -change in consumer wants how new business ideas come about - Ans-adapting an existing idea -creating an original idea risk - Ans-lack of financial security -financial loss -business failure reward - Ans-profit -Independence -business success branding - Ansrecognisable and trusting brand so people more willing to spend money USP - Ansa unique feature of a product so it's different from competitors and original reduce risk - Ansplanning - business plan researching - market research entrepreneur qualities - Anshardworking determined organised innovative creative take calculated risk business decisions confident customer need - Ansprice, quality, convenience and choice uses of social media (market research) - Ansspot consumer trends collect and use data deepen understanding of market improve product or service save time validity - Anshow bias market research i