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2025 Pearson Edexcel Level 1/Level 2 GCSE (9–1) MAY Business PAPER 1: Investigating small business QUESTION PAPER and MARK SCHEME MERGED

business paper 1 Exam Questions With Correct Answers Latest Updated 2026/2027 | 100% Verified | Graded A+.

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 u...

1. Define business. - AnsA business is a decision-making organization involved in the production of goods and/or services to satisfy the needs and wants of customers. It combines human, capital, and financial resources to create such product. Radeki de Dovnic Manufacturing (RDM) is a family-owned business, founded in 1873. 2. Define management. - AnsManagement encompasses several roles: planning, commanding, controlling, coordinating, and organizing human and capital resources to achieve ...

1. What is meant by market share? - Ansthe percentage of all the sales within a market that are held by one brand or company 2. What is meant by quality control? - Ansthe process of inspecting products to ensure that they meet the required quality standards 3. Advantage 1 of using flow production - Ansthe business benefits from economies of scale which leads to the reduction in average cost of making each component 4. Advantage 2 of using flow production (is similar to 1 so use 1 or 2)...

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. pho...

1. Corporate image - AnsThe view of a company held by its customers, employees and other major stakeholders, the Imperial has a positive corporate image 2. Reposition - AnsChange the perception of a business from the opinion of its customers. This may be achieved by altering the marketing strategy to change the brand image. Option 1 adopted renovation of image therefore repositioning 3. Human resources planning - AnsA long term plan to ensure that the labour force within the hotel had ...

Which one of the following does not vary with output in the short run? A Total revenue B Total costs C Fixed costs D Variable costs - AnsC Market capitalization is the total value of a company's: A assets B dividends paid to shareholders C shares, based on the current share price D shares, based on the original share price - AnsC The 7 'P's of the marketing mix include: A process B positioning C productivity D primary market research - AnsA A factory produces 120 units with a w...

1. Explain one benefit to an entrepreneur of buying a franchise to start a business (3) - AnsAn entrepreneur could receive support and training (1). This means they are less likely to make poor business decisions (1), which reduces the chance of business failure 2. Explain one way a small business could use market segmentation to target customers. - AnsA small business could use market segmentation by using gender (1). Different products can be targeted to customers depending on if they...