business paper 1 Questions with
Correct Answers
VAT- value added tax - ANSWERStax on value of sales of a business if they make
more than certain amount of profit
Income tax - ANSWERStax on the income earned by workers and soletraders
corporation tax - ANSWERSA tax on limited companies profits.
national insurance contributors - ANSWERSa tax on the owning of workers based
around benefits
role of business enterprise - ANSWERS-sell goods/services
-meet customer needs
-add value
good - ANSWERSphysical items that the customer can use, eat or hold e.g. phone
service - ANSWERSintangible, actions performed by others for you e.g. haircut
add value - ANSWERSquality, branding, design, convenience and USPs
role of entrepreneurship - ANSWERS-organise resources
-take risks
-make business decisions
why new business ideas come about - ANSWERS-changes in technology
-products/services becoming obsolete
-change in consumer wants
how new business ideas come about - ANSWERS-adapting an existing idea
-creating an original idea
risk - ANSWERS-lack of financial security
-financial loss
-business failure
reward - ANSWERS-profit
-Independence
-business success
, branding - ANSWERSrecognisable and trusting brand so people more willing to spend
money
USP - ANSWERSa unique feature of a product so it's different from competitors and
original
reduce risk - ANSWERSplanning - business plan
researching - market research
entrepreneur qualities - ANSWERShardworking
determined
organised
innovative
creative
take calculated risk
business decisions
confident
customer need - ANSWERSprice, quality, convenience and choice
uses of social media (market research) - ANSWERSspot consumer trends
collect and use data
deepen understanding of market
improve product or service
save time
validity - ANSWERShow bias market research is
realiabilty - ANSWERShow truthful data is and if it repents equal sample
marketing mix - ANSWERSprice, product, place, promotion
SWOT analysis - ANSWERSa planning tool used to analyze an organization's
strengths, weaknesses, opportunities, and threats
SWOT analysis based on - ANSWERSprice
quality
location
customer service
product range
direct competition - ANSWERSsell the same product/service
indirect competition - ANSWERSsell different product or service but meet the same
need
Correct Answers
VAT- value added tax - ANSWERStax on value of sales of a business if they make
more than certain amount of profit
Income tax - ANSWERStax on the income earned by workers and soletraders
corporation tax - ANSWERSA tax on limited companies profits.
national insurance contributors - ANSWERSa tax on the owning of workers based
around benefits
role of business enterprise - ANSWERS-sell goods/services
-meet customer needs
-add value
good - ANSWERSphysical items that the customer can use, eat or hold e.g. phone
service - ANSWERSintangible, actions performed by others for you e.g. haircut
add value - ANSWERSquality, branding, design, convenience and USPs
role of entrepreneurship - ANSWERS-organise resources
-take risks
-make business decisions
why new business ideas come about - ANSWERS-changes in technology
-products/services becoming obsolete
-change in consumer wants
how new business ideas come about - ANSWERS-adapting an existing idea
-creating an original idea
risk - ANSWERS-lack of financial security
-financial loss
-business failure
reward - ANSWERS-profit
-Independence
-business success
, branding - ANSWERSrecognisable and trusting brand so people more willing to spend
money
USP - ANSWERSa unique feature of a product so it's different from competitors and
original
reduce risk - ANSWERSplanning - business plan
researching - market research
entrepreneur qualities - ANSWERShardworking
determined
organised
innovative
creative
take calculated risk
business decisions
confident
customer need - ANSWERSprice, quality, convenience and choice
uses of social media (market research) - ANSWERSspot consumer trends
collect and use data
deepen understanding of market
improve product or service
save time
validity - ANSWERShow bias market research is
realiabilty - ANSWERShow truthful data is and if it repents equal sample
marketing mix - ANSWERSprice, product, place, promotion
SWOT analysis - ANSWERSa planning tool used to analyze an organization's
strengths, weaknesses, opportunities, and threats
SWOT analysis based on - ANSWERSprice
quality
location
customer service
product range
direct competition - ANSWERSsell the same product/service
indirect competition - ANSWERSsell different product or service but meet the same
need
