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Title: Business studies
Description: I studied these notes and attained straight As
Description: I studied these notes and attained straight As
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AQA Business Studies GCSE
Exam Information
Exam Board: AQA (GCSE Business Studies full course)
Paper: Unit 1 Setting up a Business
Duration: 1 hour
Weighting: 40%
Style: 60 marks
...
There are approximately
four questions after each case study ranging from 2-9 marks
...
A calculator may be
used for the finance questions
...
Objectives
may include: survive, breakeven, build reputation
Stakeholders e
...
employees, suppliers, customers and government, have an interest
in the business and are effected in a variety of different ways
Business plans are key to the success of a start-up as they help the business to
clearly state it’s aims and objectives, gain finance and plan resources
Small and start-up businesses can select from a range of legal structures: Sole
Trader, Partnership, and Private limited company (Ltd)
When starting up it is important to choose the best location for your business
...
A business would consider: Cost,
competitors, access to raw materials, labour and other factors when making this
decision
Key Term
Start-up
Entrepreneur
Social Enterprise
Primary Sector
Secondary Sector
Tertiary Sector
Gap in the market
Aims
Objectives
SMART
Definition
A business that has just begun
A person who starts a business of their own, a risk taker
A business that is set up to benefit others, not just make a
profit
Where raw materials are grown or extracted e
...
g car
manufacturer
Where services are provided e
...
In relation to marketing – the strategies behind
the pricing decision
A product which has a name that you recognise e
...
Big
Mac
A product that is made by a manufacturer but sold under
the retailers’ name e
...
g
...
The possible stages are Producer,
Wholesaler, Retailer and Consumer
...
g providing
employment
There are a range of key calculations you need to know to work out your basic
business finances: Sales, revenue, profit, total costs
Cash flow is really important especially in small and start-up businesses as it is often
lack of cash and being unable to pay bills that businesses close down
Key Term
Source of finance
Owners’ funds
Bank loan
Mortgage
Overdraft
Hire purchase
Government grants
Business Link
Price
Sales
Revenue
Costs
Fixed Costs
Variable Costs
Start-up Costs
Running Costs
Definition
A method used by a business to raise funds (money)
Money put into the business by the business owners
Money borrowed from the bank over an agreed period of
time
A loan which can only be used to purchase property and
land
Where a business is allowed to withdraw more money
from their bank account than is actually available
...
of units sold
The money that a business spends on setting up and
running
Costs that do not change with output (no
...
of units sold (output)
One off costs associated with beginning a business e
...
Buildings, machinery…
The regular (monthly) payments a business will make to
AQA Business Studies GCSE
Total Costs
Profit
Cash
Cash Flow
Cash Inflows
Cash Outflows
Cash Flow Forecast
Cash Flow Statement
Net Cash Flow
Opening Balance
Closing Balance
keep running e
...
rent, raw materials, wages & salaries
Calculated by:
Fixed Costs + Total Variable Costs
The money left from revenue once all the costs have been
paid, calculated by:
Total revenue – total costs
(A loss is made when total costs are greater than total
revenue)
The day to day money used to keep the business running
Money moving in and out of the business
Money coming into the business, known as Receipts, e
...
sales, loans, money invested by owners
Money going out of the business, known as Payments, e
...
rent, raw materials, wages, buying equipment
A prediction (plan) of the expected inflows and outflows
of cash over a period of time (month/year)
A historical record of what has already happened with the
inflows and outflows of cash over a period of time
(month/year)
Calculate by: Receipts - Payments
Last month’s closing balance, shows what was left in your
account at the end of the previous month
The amount of money left in the business’s account at the
end of this month, calculated by:
Net Cash Flow + Opening Balance
AQA Business Studies GCSE
People in Business
A new business will recruit new employees if its owner cannot do all the tasks
themselves due to skill shortage or time management
Recruiting people is complex, time consuming and expensive
Motivation is the range of factors that influence people to behave in certain ways
Title: Business studies
Description: I studied these notes and attained straight As
Description: I studied these notes and attained straight As