Popular courses 'Business Studies' at Business Studies
Business Studies Study guides, Class notes & Summaries
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Business Administration Final Review Exam And Verified Answers 2024.
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Business - Answer any activity that provides goods and services in an effort to earn a profit 
 
Profit - Answer revenue - expenses = Profit (or loss) 
 
Loss - Answer When a business incurs expenses that are greater than its revenue 
 
Entrepreneurs - Answer people who risk their time, money, and other resources to start and manage a business 
 
Standard of Living - Answer the quality and quantity of goods and services available to a population 
 
Quality of Life - Answer the overal...
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Business Studies - Keywords & Definitions Exam Review Questions And Verified Answers 2024.
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Breakeven - Answer The point when a firm's total costs equals its sales revenue. It is measured by the volume of output or number of customers needed to break even. 
 
Budgets - Answer A financial plan of how the money in a business will be used. The Budget refers to the financial plans of the government. 
 
Business objectives - Answer The targets which a business sets itself, e.g. to survive, make profits, increase market share, expand. 
 
Business ethics - Answer Moral principles, th...
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Business Studies -HSC Unit Pro Exam And Correct Answers 100% 2024.
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TOPIC ONE - Answer OPERATIONS 
 
Define the operations function - Answer refers to business processes that transform and add value to inputs to produce outputs, part of the value chain 
 
Define the operations process - Answer Inputs - Transformation - Outputs (More Value then Inputs) 
 
Define strategic role of operations management - Answer 'affecting all key business areas in the longer term' - meeting key objectives of profit maximisation and competitive advantage 
 
What is Michae...
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Business Studies-Human Resources Final Exam And Answers Graded A+ 2024.
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Strategic Role of Human Resources - Answer This involves the managing the employer and employee relationship. It also involves recruitment, industrial relations, conflicts within the business 
 
Outsourcing - Answer Human Resource Functions 
Using Contractors 
 
Human Resource Functions - Answer These are contracted specialists. Businesses of all sizes and functions outsource. Businesses outsource to provide a broader skill base, cheaper to employ contractors, specialists can be more effic...
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Business Studies – Operations Study Guide Exam Fully Solved 2024.
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Cost-based leadership (Strategic role of Operations) - Answer Reducing transformation costs to produce a lesser costing product 
 
Goods/service differentiation (Strategic role of Operations) - Answer Creating a product that is different to competitors 
 
Strategic role of operations - Answer To implement the business strategy 
 
Interdependence with Finance - Answer Required to pay employees and suppliers, ensures that raw materials and component parts are available when needed 
 
Inter...
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Business Studies Unit 1 Key Terms License Exam With Solved Solutions 2024.
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Enterprise - Answer Where new businesses are formed and new products or services are created and bought to the market. 
 
Entrepreneurs - Answer Individuals who have an idea that they develop by setting up a new business and encouraging it to grow. They take risks and gain rewards for success. 
 
Opportunity Cost - Answer The benefit given up or not choosing the next best alternative. 
 
Niche Market - Answer A small section of the market that businesses specifically target. 
 
Franchise...
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Business Studies Year 12 Exam And Answers Graded A+ 2024.
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What is cost leadership? - Answer aiming to have the lowest cost while making the most profit 
 
what is economies of scales - Answer this is when businesses can buy in bulk meaning they get there products at a cheaper price 
 
what is a standardised good? with example - Answer good with uniform features e.g. big mac, newspaper 
 
what is a customised good? with example - Answer when features change depending on the customer e.g. made to measure suits, house renovations 
 
what is the di...
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Business Studies - Nature of Business Test Questions And All Correct Answers 2024.
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Goods - Answer Tangible products 
 
Services - Answer Intangible products, tasks paid to do 
 
Production - Answer The process of creating finished products 
 
Semi-finished products - Answer Products ready to be incorporated into finished products 
 
Finished products - Answer Products ready for consumption 
 
Business activities - Answer Management, Production, Marketing, Controlling products, Forecasting finances, Planning finances, Distributing goods and services and organising r...
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A-Level Business Studies License Exam And Answers Already Passed 2024.
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A physical product such as a house or designer suit - Answer Good 
 
An intangible item such as insurance or decorating - Answer Service 
 
A more general term which includes goods and services - Answer Product 
 
Measures the total value of the production of an economy over a period of time - Answer Gross Domestic Product 
 
Sets out a business's overall purpose to direct and stimulate the entire organisation - Answer Mission Statement 
 
The long-term plans of the business from whic...
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Cambridge IGCSE Business Studies Exam Well Answered 100% 2024.
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A Need - Answer A good or service essential for living. 
 
A want - Answer A good or service that people would like to have, but which is not essential for living. 
 
Economic problem - Answer Unlimited wants but limited resources - this creates scarcity. 
 
Scarcity - Answer Lack of sufficient products to satisfy total wants of population. 
 
Opportunity Costs - Answer The next best item given up by choosing another. 
 
Factors of production - Answer Resources needed to produce good...
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