GCSE Business Studies Revision the last week s. Guide to the Summary of information you need to know. You have TWO exams in GCSE Business Studies
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1 GCSE Business Studies Revision the last week s Guide to the Summary of information you need to know You have TWO exams in GCSE Business Studies Paper 1 lasts 1hr and is worth 40% of the final mark This will test sections 1 to 5 of this and is about Setting up a Business Paper 2 lasts 1hr and is worth 35% of the final mark This will test sections 6 to 10 and is about Growing as a Business Your controlled assessment is worth another 25% of the final mark. On each paper there will be two or three 9 MARK QUESTIONS where you will need to make detailed essay style answers. Practicing these exam answers is vital in your preparation for the examination. Use the information in this as a checklist. You will need to use your notes and any materials you have to help build up your.
2 Unit 1 Starting a Business Section 1 Starting a Business Enterprise I can explain different types of Aims and 6 Objectives for a business I can explain the purpose of setting 7 objectives I can explain how businesses use 7 objectives to measure success I can explain the influence of 8 stakeholders on business Choosing the Appropriate Legal Structure for the Business I can explain key features of a sole trader 3 I can explain key features of a partnership 3 I can explain key features of a private limited company (ltd). I can explain how these factors influence the location a of a business Location of Raw Materials Labour Supply Transport Communication Links Economies of Concentration I can explain what a franchise is, it s advantages and disadvantages I Can explain what a Business Plan is, who uses it and the sections that could be in it I can explain the risks for starting up a business
3 Section 2 Marketing I can explain the 4 Ps of the Marketing 12 mix I can explain what a Gap in the Market is 13 I can explain what market research is 14 I can explain the differences between 15 Field Research and Desk Research I can explain why prices change 16 I can explain different methods of 17 Promotion I can explain different types of places 17 business use to sell goods and services Section 3 Finance I can explain the reasons why a business 20 needs finance I can explain FIVE main sources of finance 20 for a start-up business I can explain the help and support 21 available to small businesses I can explain the difference between 19 revenue, fixed costs and variable costs. I know how to calculate profits 19 I know what a cash flow forecast is and 22 why it is important I can explain the problems associated 23 with poor cash flow I can explain three main reasons for poor 24 cash flow I can explain three ways that a business 24 can improve cash flow
4 People in Business I can explain the reasons why businesses 26 recruit staff I can explain different recruitment 26 methods I can explain the difference between 26 internal and external recruitment I can explain how an agency can help 26 recruit staff I can explain selection methods such as 27 - A curriculum Vitae (CV) - An application form - An interview - A test I can explain the difference between wages and a salary I can explain two methods of performance related pay I can explain different methods of nonfinancial rewards for staff - Jon enlargement and enrichment - Fringe benefits I can explain how staff are protected by the law - Employment rights and the minimum wage - Anti-discrimination laws - Health and Safety legislation - Leaving employment
5 Section 5 Operations Management I can explain the difference and 32 advantages of Job production and Batch Production I can explain how computer technology can help a business I can explain what quality assurance is and why it is important I can explain why good customer service is important to a business. I can explain how consumers are protected by government policy I Can explain how e-commerce can help a business I can explain the Pros and Cons of internet shopping for consumers I can explain the advantages and disadvantages of running a website for a business
6 Unit 2 Growing as a Business Section 6 The Business Organisation I can explain FIVE reasons why business 40 expands I can explain three main methods of 40 internal expansion I can explain benefits and problems of 40 internal expansion I can explain how six different 41 stakeholders are affected by expansion of a business I can explain what a public limited company is and its advantages and disadvantages Section 7 Marketing in a large business I can explain what the product life cycle is and its FIVE stages I can explain how and why a business will extend the variety of products that they sell I can explain the difference between market-led pricing and cost-plus pricing I can explain seven different methods of promotion I can explain what direct marketing and sponsorship is and how it is used. I can explain the difference between a direct and indirect channel of distribution
7 Section 8 Finance for a growing business I can explain six methods that an 53 established business can use to get finance I can match different situations to the 53 choice of finance I can explain the key parts of a trading and 54 profit and loss account I can explain why a trading and profit and 54 loss account is useful I can calculate the gross profit margin and 56 the net profit margin and why it is useful I can explain the Balance sheet 57 - Four key parts involved in calculating net assets - What capital employed is and the two key examples I can use the formulae to calculate current 58 ratio and acid-test ration I can explain what the answers to current 59 ratio and acid test ratio mean I can explain how a business will use ratios 59 Section 9 People in Business (large businesses) I can use an organisation structure to 62 explain how a business is organised I can explain the difference between a 63 centralised organisation and decentralised organisation I can explain the issues involved of a long chain of command and wide span of control I can explain the difference between induction training, off the job training and on the job training I can explain how staff can be motivated by remuneration, training and styles of management I can explain how retention of staff is important to a business
8 Operations Management in a large business I can explain how specialisation and 68 division of labour can help a business and can cause problems I can explain what flow production is and how it helps efficiency I can explain the difference between the use of buffer stocks and just in time production I can explain what lean production and total quality management (TQM) is and how it can help a business and cause it problems I can explain how a business growing can lead to economies and diseconomies of scale I can explain how quality control and total quality management can help a business
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