GCSE Business Studies Worksheets

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1. Adding value
1. Missing words
Adding value allows businesses to increase the ______________________ consumers are willing to pay for a good
or service. It can be created by high levels of product design and quality, greater convenience, or a highly
______________________________brand. Value added is measured by the difference between a product's sales
price and the ______________________ of bought-in materials. If a customer is happy to pay £3 for a cup of
coffee whose ingredients only cost a few pence, the value added is very high indeed. Any business attempting to sell
products that have little or no added value is unlikely to make any profit.
Hint: words from ­ cost, differentiated, price
2. Adding value Choose two ways to add value to each business (draw lines to show your choice):
Business Method of adding value
a) Express, one-hour service
2.1 Dry cleaning business
b) Personal consultations and advice
c) Wide choice of organic products
2.2 Exclusive hairdressers
d) Prime location in a trendy part of the city
e) Home delivery
2.3 Health food supermarket
f) An in-store café
3. Adding value ­ Data Response: Tangg is a chain of smoothie bars with a number of outlets in south-west
England. Drinks are produced fresh in-store in response to customer orders. On average, each 250 ml smoothie
contains 10p of bought-in fruit and vegetables. The drinks are sold in recyclable cups, which the business buys from
a supplier at a cost of £2.00 per hundred. The drinks are sold to customers for £3.50 each. The business has
estimated its sales volume to be around 1 million in 2009. Answer the following questions:
3.1 What is the value added by each smoothie produced and sold?
3.2 What is the estimated total value added for the business in 2009?
3.3 Outline one way in which Tangg could add further value to the business, allowing it to push the price up by 50p.
4. Adding value - multiple choice questions
4.1 Which three of the following statements about added value are true?
a) Added value is always equal to the level of profit made by a firm
b) Whether a product's feature adds value or not depends on what the customer thinks
c) The Ryanair brand adds value because it tells consumers that flight costs are always low.
d) A product's added value is equal to the difference between its sales price and the cost of the bought-in materials
used to produce it.
e) For a product to be successful, it should generate enough added value to cover a firm's internal costs and
generate a profit
f) Manufactured goods add value but services do not.
4.2 Which two of the following are not examples of a sports goods manufacturer adding value to a brand of trainers?
a) Improving design to increase comfort
b) Offer an on-line service where customers can personalize designs
c) Switching to using cheaper materials so that the shoes do not last as long
d) Reducing the number of styles chosen and concentrate on producing those with the highest sales
e) Creating an innovative feature that tones muscles when they are worn

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Branding and differentiation
1. Missing words
Branding involves creating an for a good or service that makes it stand out from the competition.
The degree to which consumers see a brand as being different from rival products is known as product
differentiation. Developing a highly differentiated can have a number of benefits for a business. Its
special features will act as a unique ______________________ point, attracting customers and discouraging them
from __________________ rival products.…read more

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Break even analysis
1. Missing words
A business breaks even when it produces just enough ____________________ from its output and sales to cover
its costs. Until it reaches this level of production, the firm will be making a_____________. However, once output
and sales increase beyond break-even point, the firm will be generating a _________________. Break-even
analysis can be useful to firms in a number of ways.…read more

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Break even charts
1. Cross out the wrong words so that the paragraph is correct.
It is often useful to present information relating to a firm's costs and revenues in the form of a break-even chart.
Output and sales volume are given on the chart's vertical / horizontal axis; costs and sales (in £s) are shown on its
vertical / horizontal axis. Lines showing total costs and total revenues are plotted and break-even output is where
the two lines cross.…read more

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Business cycles
1. Missing words
Business activity can be heavily affected by the state of the economy. Most firms benefit from periods of economic
growth, when output is growing and ___________________________ is low. However, economic growth does
not always increase at a _______________ rate. It may even become negative, when output is
_____________________ and unemployment is _______________ . This pattern of changes is often referred to
as the business cycle. The economy is said to be booming when economic growth is above the normal level.…read more

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Business objectives: financial
1. Missing words
An objective is a ______________ or goal. An individual or business aims to achieve it at some point in the future.
A financial objective is measured by money, usually either by cash flow or by ______________. Financial objectives
are likely to change over time. When a business is first set up, its main financial objective is likely to be cash
________________.…read more

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Business objectives: non-financial
1. Missing words
Although one of the key aims for firms is to make a ________________, many entrepreneurs have other, non-
financial objectives for starting up and running a business. For example, someone might decide to start up a business
because they are frustrated in their _____________, or believe they can do better. Other non-financial
____________________for starting a business may include the need to prove yourself, or to try and make the
world a better place.…read more

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Business plan
1. Missing words
A great idea may be important but it is not enough to create a successful business. In order to do this, an
entrepreneur will need to ____________ carefully how he or she intends to put the idea into practice. In order to
do this, an entrepreneur is likely to produce a business plan. This is a document which sets out details of the
business opportunity and how it will be achieved.…read more

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Building the marketing mix
1. Missing words
The marketing mix refers to four aspects of marketing that are combined in order to achieve a successful marketing
campaign. These elements ­ also known as the four `P's ­ consist of the product itself, its _________________ and
the methods used to promote it. The fourth P is making sure that customers can buy it in the right ____________.
Having a great product lies at the heart of any business success.…read more

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Calculated risk
1. Delete the wrong word from each pair (underlined)
Businesses are faced with risk at all times. Entrepreneurs make decisions that not only risk their own money and
reputations, but also that of other investors and lenders. The riskiest stage for most businesses is at start-up ­
approximately one third fail within the first three years/months. However, even established firms face risks. On
average, 80% of new products are unsuccessful but cautious/innovative businesses still continue to develop and
launch them.…read more



This 100 page document contains many excellent exam style questions that are a superb revision tool. Answers are not provided but this should not be a problem with teacher or text book support.

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