GCSE Year 10- Business Studies Exam Preparation Quiz

Including uncertainties and risks in a business plan is crucial because it allows for a realistic assessment of potential challenges and setbacks that may arise. By acknowledging and addressing these uncertainties, businesses can develop strategies to mitigate risks and increase the chances of success. This also demonstrates to stakeholders and investors that the business has considered various scenarios and is prepared to adapt and respond effectively. Ignoring uncertainties and risks can lead to poor decision-making and leave the business vulnerable to unexpected obstacles.

The M in 'SMART' objectives stands for "Measurable." This means that the objective should have a clear and quantifiable outcome that can be measured or assessed. By setting measurable objectives, it becomes easier to track progress, evaluate success, and make adjustments if necessary.

Including last year's profit and loss figures in the business plan when planning to open a brand new business would not be appropriate because there are no previous financial records for a new business. Since the business is just starting, there would be no profit or loss figures from the previous year. Therefore, including last year's profit and loss figures would not provide any relevant information for the new business plan.

'High footfall' refers to an area with a high volume of pedestrian traffic. This means that there are many people walking in that particular location. It is desirable for a business to be situated in such an area as it indicates a higher potential for customer engagement and sales opportunities.

Closed-answer questions in a questionnaire provide respondents with a limited set of predetermined response options, such as multiple choice or yes/no. This makes it easier to analyze the data collected from these questions as the responses can be categorized and quantified more efficiently. The closed nature of the questions eliminates ambiguity and allows for straightforward data analysis, making it an advantage of using closed-answer questions in a questionnaire.

If you carry out the market research yourself, it is called primary research. Primary research involves collecting data directly from original sources, such as surveys, interviews, or observations. It is a firsthand approach to gather information specifically for the research project at hand. In contrast, secondary research involves using existing data and information that has already been collected by someone else for a different purpose.

Internal recruitment is typically less expensive than external recruitment. When a company hires internally, they can save on costs associated with advertising, recruitment agencies, and background checks. Internal candidates also require less training and onboarding since they are already familiar with the company's culture and processes. On the other hand, external recruitment involves additional expenses such as job postings, screening resumes, conducting interviews, and conducting background checks. Therefore, the statement that internal recruitment is more expensive than external recruitment is false.

Sole traders have unlimited liability, meaning they are personally responsible for all the debts and obligations of their business. If the business incurs debt or faces legal action, the owner's personal assets, such as their home or savings, can be used to satisfy business debts. This contrasts with limited liability structures, like corporations, where owners' personal assets are protected from business liabilities.

A franchise refers to when someone from outside of the business opens a branch that uses the image and reputation of the firm. This means that individuals or entrepreneurs can invest in a franchise and operate their own branch of an established business, leveraging the brand recognition and reputation of the parent company. This allows for the expansion of the business while maintaining consistency in branding and customer experience.

This statement is not necessarily true as not every stakeholder has a say in major decision making within a business. While some stakeholders, such as shareholders or board members, may have significant influence in decision making, others, such as employees or customers, may have limited or no say in major decisions. The level of involvement and influence of stakeholders in decision making varies depending on their role and importance to the business. Therefore, the statement is false.

Liverpool 1 is likely to have a higher level of footfall compared to the other areas mentioned. This could be because Liverpool 1 is a popular shopping and leisure destination in the city of Liverpool, attracting a large number of visitors and shoppers. It is known for its wide range of shops, restaurants, and entertainment options, making it a bustling area with high pedestrian traffic. On the other hand, Ormskirk, Southport, and Maghull Square may not have the same level of commercial activity or tourist attractions, resulting in lower footfall in these areas.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is a strategic planning tool used to evaluate the internal and external factors that may affect an organization's performance. By analyzing its strengths and weaknesses, a company can identify areas where it has a competitive advantage or needs improvement. Opportunities and threats refer to external factors that may positively or negatively impact the organization. This analysis helps businesses develop strategies to capitalize on opportunities and mitigate potential threats.

A city center location can have a downside due to all of the reasons mentioned. Having lots of competitors in the same area can make it difficult for businesses to stand out and attract customers. High levels of rent can be a significant financial burden for businesses, especially small ones. Additionally, parking can be expensive for potential customers, which may discourage them from visiting the area. Overall, these factors can make it challenging for businesses to thrive in a city center location.

The correct answer is "There may be conflicts in decision making between shareholders." This is a disadvantage of being a PLC (Public Limited Company) because shareholders have the power to influence and make decisions for the company. However, different shareholders may have different opinions and interests, leading to conflicts in decision making. This can slow down the decision-making process and hinder the company's ability to respond quickly to market changes or make strategic decisions.

An internal recruitment strategy refers to the practice of filling job vacancies within an organization by considering current employees for the position. The staff room notice board is an example of an internal recruitment strategy because it allows the organization to advertise job openings to its existing employees. This method promotes employee growth and development and can also increase employee morale and loyalty. Recruitment agencies and job centers, on the other hand, are external recruitment strategies that involve seeking candidates from outside the organization.

The marketing mix refers to the set of elements that a company uses to promote its products or services to its target market. These elements include product, promotion, price, and place. Product refers to the actual goods or services being offered, promotion involves the communication and advertising strategies used to promote the product, price refers to the pricing strategy and how much the product is sold for, and place refers to the distribution channels and locations where the product is made available to customers. Therefore, the correct answer is Product, Promotion, Price, and Place.

Taking over a competitor can be advantageous as it reduces the number of competitors in your market, leading to less competition and potentially higher market share and profits. Additionally, by acquiring a competitor, you can share ideas and expertise, benefiting from their knowledge and experience in the industry. This can lead to improved strategies, innovation, and overall growth for your own business.

The stakeholders of McDonald's include the owner, employees, competitors, anti-obesity charity, and suppliers. The owner has a direct interest in the success and profitability of the company. Employees are stakeholders as they rely on McDonald's for employment and income. Competitors are stakeholders as they are affected by McDonald's market share and competitive strategies. Anti-obesity charities are stakeholders as they advocate for healthier food options and may engage with McDonald's to promote such initiatives. Lastly, suppliers are stakeholders as they provide the necessary ingredients and resources for McDonald's operations.