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Page 1

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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…

Page 2

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2. 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…

Page 3

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3. 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…

Page 4

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4. 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;…

Page 5

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5. 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,…

Page 6

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6. 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…

Page 7

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7. 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…

Page 8

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8. 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,…

Page 9

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9. 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…

Page 10

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10. 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 ­…

Comments

davidsalter

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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.

Hilmy Mohamed

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thanks

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