Answers to Business Studies Worksheet questions

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  • Created on: 10-03-13 16:09
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1. ANSWERS ­ Adding value
1. price ... unique ... differentiated ... cost ... internal ... investment
2.1. a) and e)
2.2 b) and d)
2.3 c) and f)
3.1 £3.38
3.2 £3,380,000
3.3 Tailor-make the smoothies to individuals' tastes ­ that'll keep them returning.
4.1 b) d) e)
4.2 c) d)
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ANSWERS ­ Branding and differentiation
1. identity ... brand ... selling ... buying ... repeat
2. Spot the brand:
2.1 Innocent
2.2 Marmite
2.3 Lynx
2.4 Egg
3. Branding and differentiation ­ matching definitions
1. f)
2. e)
3. g)
4. b)
5. a)
4. Branding and differentiation ­ multiple choice questions
4.1 a) c) e)
4.2 a) e)
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ANSWERS ­ Break-even analysis
1. Missing words
revenue ... loss ... profit ... plan ... prices ... fixed
2. Finding break-even point ­ true or false?
2.1 TRUE
2.2 FALSE
2.3 FALSE
2.4 TRUE
3. Multiple choice questions
3.1 c) £24
3.2 a) £6
3.3 b) 50,000 units
3.4 b) 25,000 units
3.5 d) 100,000 units
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ANSWERS ­ Break even charts
1. horizontal ... vertical ... profit ... below ... loss
2.1 £60,000
2.2 £10,000
2.3 200 units
2.4 If the business sold 800 units a month it would make £20,000 profit. Yet the boss is planning to spend £15,000 in
order to achieve this, i.e. the real profit would be £5,000 (Revenue: £80,000; Total costs: £60,000 + £15,000). As
they are making £10,000 profit at the moment, this course of action will halve the firm's profit.
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ANSWERS ­ Business cycles
1. unemployment ... stable ... falling ... rising ... negative
2.1 FALSE ­ Why ­ a recession is defined as two successive quarters of falling output
2.2 TRUE - Small firms are less likely to have access to the finance needed to survive a period of falling sales, or may
be dependent on a small number of customers and so more vulnerable if one of them closes down.
3.1 c) d) f)
3.2 b) d) f)
1. g)
2. d)
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ANSWERS ­ Business objectives: financial
1. target ... profit ... flow ... measure
2.1 b) d)
2.2 a) d) e)
1. f)
2. g)
3. h)
4. c)
5. e)
4.1 TRUE
4.2 TRUE
4.3 TRUE
4.4 FALSE
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ANSWERS ­ Business objectives: non-financial
1. profit ... job ... objectives ... not-for-profit
2.1. d)
2.2. a)
2.3. b)
2.4. c)
3.1 FALSE
3.2 TRUE
3.3 FALSE
3.4 TRUE
3.5 FALSE
4.1 c) f)
4.2 b) c) (NB e) is a very plausible answer, but not to a question about non-financial objectives)
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ANSWERS ­ Business plan
1. plan ...objectives ... forecast ... finance ... investors
2.1. e)
2.2. h)
2.3. d)
2.4. b)
2.5. c)
3. Business plan - multiple choice questions:
3.1 b) e) f)
4. Give two answers for each of the following:
4.1 Possible answers include ­ to secure finance from lenders and investors, to identify potential problems, to decide
if the idea is viable
4.2 Possible answers include ­ finance and other resources might be wasted; cash flow problems may occur
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ANSWERS ­ Building the marketing mix
1. price ... place ... needs ... fail ...rival
2.
1. h)
2. d)
3. e)
4. a)
5. c)
3.
1. Place
2. Product
3. Promotion
4. Price
4.1 b) e)
4.2 c)
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ANSWERS ­ Calculated risk
1. years ... innovative ... rewards ... favourable
2. Calculated risk ­ matching activity
2.1. c) ii)
2.2 a) iii)
2.3. b) i)
3. Calculated risk ­ true or false?
3.1 FALSE
3.2 TRUE
3.3 TRUE
3.4 FALSE
4. Calculated risk ­ multiple choice questions
4.1 c)
4.2 b) d) f)
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