AQA A-level Business Paper 1
Exam Study Questions with
Correct Answers Already Graded
A+
1. Goods vs Services - ANSWER Goods are tangible products, while services
are intangible products.
2. Profit vs Non-Profit - ANSWER Objectives vary depending on the type of
organization, with profit-oriented businesses focusing on financial gain and
non-profits focusing on social goals.
3. Mission Statements - ANSWER Statements that outline business aims and
values.
4. Business Objectives - ANSWER Goals that a business aims to achieve, such
as profit, growth, survival, cash flow, and social/ethical goals.
5. SMART objectives - ANSWER Objectives that are Specific, Measurable,
Achievable, Relevant, and Time-bound.
6. Business Forms - ANSWER Types of business structures including Sole
trader, Partnership, Private Limited Company (Ltd), Public Limited
Company (PLC), and Non-profit organizations.
7. Why businesses set objectives - ANSWER - it is motivating to have a goal
to aim toward
, - as a boss you can not make every decision
8. Profit - ANSWER Revenue - total costs
9. What is 'Greenwash' - ANSWER An environmentally sound idea
surrounding an environmentally unsound product.
10.What is a competitive market - ANSWER A market with many buyers and
sellers trading similar products so that factors like price and quality are
competing
11.Market conditions (One dominant business) - ANSWER - Monopoly
- E.g Wrigley has a 90% market share
- No competition
- Bad for consumers because they restrict output, increase prices and
restrict choice
- So the government regulates against power
12.Market Conditions (competition against a few giants) - ANSWER -
Oligopoly
- E.g supermarkets
- Rivalry between companies
- Non-price competition
13.Market Conditions (lots of small firms) - ANSWER - E.g salespeople of
flour, sugar or memory sticks
- Very competitive market
- Retail price is a major factor
,14.Business - ANSWER The activity of making, buying, or selling goods or
services for profit.
15.Purpose of Business - ANSWER The reason for which a business exists,
including generating profit and fulfilling customer needs.
16.What helps improve competitiveness? - ANSWER - Design (the quality of a
product can be just as important as price)
- Brand image (clever branding and advertising)
- Marketing mix (The combination of marketing variables such as price
and promotion)
17.What are marketing objectives? - ANSWER The targets set for the
marketing department to help meet the goals of the organization as a whole
18.Examples of marketing objectives - ANSWER - Sales volume and sales
value (To increase the number of ... sold in ...)
- Market size (To increase the size of our companies sector)
- Market sales and growth (to grow our business without loosing focus
on our brand identity)
- Market share (increase the market share by focusing on important
development)
- Brand loyalty (Strong brand loyalty to achieve high profit margins)
- To enhance or reposition a brands image
- Repositioning (changing the theme and target market of a product)
19.Examples of internal influences on marketing objectives - ANSWER - New
corporate objectives
- The development of a new product
- New financial objectives
- Change in location
, 20.Examples of external influences on marketing objectives - ANSWER -
Changes is fashion
- Changes in competitive pressures
- Changing economic pressures (pressure on incomes)
- Changing natural environment (global warming)
21.Types of market - ANSWER – Local
- National
- Physical
- Electronic
22.Local market - ANSWER - little care for national market size
- High concern for demand and competition
- E.g ice cream van
23.National Market - ANSWER - Professional dealings with supermarkets
- Eye catching packaging
- Brand name and loyalty
- E.g Charlie Bigham
24.What are the 5 types of business - ANSWER -sole traders
-private limited companies (LTD)
-Public limited companies (PLC)
-Private and public sector organizations
- non-profit organizations (charities)
25.Sole traders - ANSWER a business that is owned and operated by one
person
Exam Study Questions with
Correct Answers Already Graded
A+
1. Goods vs Services - ANSWER Goods are tangible products, while services
are intangible products.
2. Profit vs Non-Profit - ANSWER Objectives vary depending on the type of
organization, with profit-oriented businesses focusing on financial gain and
non-profits focusing on social goals.
3. Mission Statements - ANSWER Statements that outline business aims and
values.
4. Business Objectives - ANSWER Goals that a business aims to achieve, such
as profit, growth, survival, cash flow, and social/ethical goals.
5. SMART objectives - ANSWER Objectives that are Specific, Measurable,
Achievable, Relevant, and Time-bound.
6. Business Forms - ANSWER Types of business structures including Sole
trader, Partnership, Private Limited Company (Ltd), Public Limited
Company (PLC), and Non-profit organizations.
7. Why businesses set objectives - ANSWER - it is motivating to have a goal
to aim toward
, - as a boss you can not make every decision
8. Profit - ANSWER Revenue - total costs
9. What is 'Greenwash' - ANSWER An environmentally sound idea
surrounding an environmentally unsound product.
10.What is a competitive market - ANSWER A market with many buyers and
sellers trading similar products so that factors like price and quality are
competing
11.Market conditions (One dominant business) - ANSWER - Monopoly
- E.g Wrigley has a 90% market share
- No competition
- Bad for consumers because they restrict output, increase prices and
restrict choice
- So the government regulates against power
12.Market Conditions (competition against a few giants) - ANSWER -
Oligopoly
- E.g supermarkets
- Rivalry between companies
- Non-price competition
13.Market Conditions (lots of small firms) - ANSWER - E.g salespeople of
flour, sugar or memory sticks
- Very competitive market
- Retail price is a major factor
,14.Business - ANSWER The activity of making, buying, or selling goods or
services for profit.
15.Purpose of Business - ANSWER The reason for which a business exists,
including generating profit and fulfilling customer needs.
16.What helps improve competitiveness? - ANSWER - Design (the quality of a
product can be just as important as price)
- Brand image (clever branding and advertising)
- Marketing mix (The combination of marketing variables such as price
and promotion)
17.What are marketing objectives? - ANSWER The targets set for the
marketing department to help meet the goals of the organization as a whole
18.Examples of marketing objectives - ANSWER - Sales volume and sales
value (To increase the number of ... sold in ...)
- Market size (To increase the size of our companies sector)
- Market sales and growth (to grow our business without loosing focus
on our brand identity)
- Market share (increase the market share by focusing on important
development)
- Brand loyalty (Strong brand loyalty to achieve high profit margins)
- To enhance or reposition a brands image
- Repositioning (changing the theme and target market of a product)
19.Examples of internal influences on marketing objectives - ANSWER - New
corporate objectives
- The development of a new product
- New financial objectives
- Change in location
, 20.Examples of external influences on marketing objectives - ANSWER -
Changes is fashion
- Changes in competitive pressures
- Changing economic pressures (pressure on incomes)
- Changing natural environment (global warming)
21.Types of market - ANSWER – Local
- National
- Physical
- Electronic
22.Local market - ANSWER - little care for national market size
- High concern for demand and competition
- E.g ice cream van
23.National Market - ANSWER - Professional dealings with supermarkets
- Eye catching packaging
- Brand name and loyalty
- E.g Charlie Bigham
24.What are the 5 types of business - ANSWER -sole traders
-private limited companies (LTD)
-Public limited companies (PLC)
-Private and public sector organizations
- non-profit organizations (charities)
25.Sole traders - ANSWER a business that is owned and operated by one
person
