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business accounting
Edexcel Business A Level Year 1 Includes AS 1st Edition Ian Marcouse, Andrew Hammond, Nigel Watson - Solutions
1 Billionaire inventor James Dyson says that business is not about finance, it is about designing and producing great products.Evaluate whether Dyson is right in relation to all businesses.
3 Simon Nixon is a fabulously wealthy man today, apparently ‘worth’£400 million. Assess whether the entrepreneurial skills he showed are a justification for becoming that rich.
2a) Calculate the percentage increase in sales revenue between the first half of 2006 and the first half of 2007.b) Assess two factors that may have led to this sales increase.
1 Explain why Simon Nixon was able to limit the start-up costs of Moneysupermarket.com to £100,000.
6 Explain how a seaside hotel business might benefit from budgeting.
5 Explain one advantage and one disadvantage to a firm of having large sums of cash for a long period of time.
4 Reread ‘Real business: Scoop’ on page 189.a) Outline two possible sources of finance for Scoop’s £100,000 expansion.b) Pick the one you think would be most suitable. Explain why.
3 Give two examples of situations in which a small bakery business could use each of the following sources of finance:a) short-termb) medium-termc) long-term.
2 Explain what is meant by working capital.
1 Outline two possible reasons why a new restaurant could run out of cash.
2 ASOS plc has grown at a rate of 30–50 per cent per year for nearly a decade. Outline the problems this may cause. Evaluate the most effective way for management to tackle them.
1 Choose one of these three business contexts: extreme sportswear, travel agency or a private school. Evaluate the likely reasons why a small company specialising in that market might be able to expand successfully.
2 If Lush appointed a new chief executive, evaluate the advantages and disadvantages of the business now being run by a successor to the Constantines – the founders.
1.a) Assess why Lush is likely to have had a significant increase in the number of layers of hierarchy within its business over recent years.b) Assess two ways in which an increase in the layers of hierarchy might harm operational performance at Lush.
8 Explain the meaning of the quote from Andrew Carnegie on page 182.
7 Explain why it may be hard for young, inexperienced managers of a successful business start-up to cope effectively with an unexpected, dramatic change.
6 Give two reasons why it may be hard to grow from 15 staff to 80 in one year.
5 Explain how a growing company might make sure that it doesn’t suffer from overtrading.
4 Identify three problems for a fast-growing firm caused by changes in the management structure.
3 Explain why there may be a problem in adjusting from ‘entrepreneur’to ‘leader/manager’.
2 Explain why rapid growth can cause problems for a company’s:a) cash flowb) management control.
1 Explain one factor that could cause rapid growth at a new food manufacturing business.
2 In the 1990s, the chairman of Samsung started to send the company’s best and brightest young staff to live abroad for a year, to learn about American and European lifestyles. Some directors complained that this was a waste of their time and talent. Evaluate whether the chairman was right to
1 Examine the different opportunity costs involved in the decisions made by a business leader such as Dave Lewis, chief executive of Tesco plc. Evaluate which might be the most important for the business.
4 Assess whether producing coffee ready for sale would definitely increase the income levels of the 7,000 members of the cooperative.
3 Some commentators have suggested that Waitrose should make all its coffee ‘Fairtrade’, therefore getting rid of brands such as NescaféGold Blend. Assess two trade-offs Waitrose management would have to consider before making any such decision.
2 Assess one risk for the farmers and one risk for the Fairtrade organisation in forming a new co-operative with high guaranteed prices for coffee beans.
1 Explain the opportunity cost of the farmers who put ‘countless hours of work’ into forming a new co-operative.
5 According to the Robert Louis Stevenson quote on page 175, what is the opportunity cost of devotion to business?
4 Explain the trade-offs that may exist in the following business situations. Choose the two contexts you feel most comfortable with.a) Levi’s pushes its workers to produce more pairs of jeans per hour.b) A chocolate producer, short of cash, must decide whether to cut its advertising spending or
3 Examine one opportunity cost to a restaurant chef/owner of opening a second restaurant.
2 Give two ways of measuring the opportunity cost to you of doing this homework.
1 Explain in your own words why time is an important aspect of opportunity cost.
2 Sunil Mittal, an Indian software entrepreneur, once said: ‘We want to manage and grow our companies ourselves. If we give up 51 per cent we might as well get out of the business.’ Evaluate whether he is right to feel that way.
1 Social enterprises such as charities and co-operatives run businesses including shops and banks. Evaluate whether you should expect better value for money from a social enterprise than from an ordinary limited company.
2 A sole trader can start a business straight away, whereas forming a limited company takes the time shown in Figure 26.3. Assess whether an entrepreneur should be influenced by this data when deciding whether to form a company or act as a sole trader.
1 Explain the implications for starting a business in Nigeria of the following two factors in business start-up:a) cash flow – that is, the daily flows of cash into and out of the businessb) hiring and training new staff.
3 Research conducted at Warwick Business School shows that one in five businesses is principally owned by a woman, 93 per cent of business owners are white and 7 per cent are from ethnic minorities.a) Assess two possible reasons why women are so much less likely to own a business than men.b) The
2 Calculate how many British businesses operate with unlimited liability.
1a) Calculate the number of sole traders in the UK; then calculate the number of limited companies.b) Assess two possible reasons why there are so many more sole traders than companies.
7 Why should a potential franchisee be very careful to research fully the background of the franchise owner?
6 Why are good franchise owners keen to inspect their franchisees regularly, even though they have no ownership stake in the franchise businesses?
5 Explain the possible risks to a growing business of making the jump from a private limited company to ‘going public’, then floating its shares on the stock market.
4 Briefly discuss whether each of the following businesses should start as a sole trader, a partnership or a private limited company.a) A clothes shop started by Claire Wells with £40,000 of her own money plus £10,000 from the bank. It is located close to her home in Wrexham.b) A builder’s
3 You can start a business today. All you have to do is tell HM Revenue & Customs (the taxman). Outline two risks of starting in this way.
2 In your own words, try to explain the importance of establishing a separate legal entity to separate the business from the individual owner.
1 Explain two differences between a sole trader and a partnership.
2 Morrisons supermarket chain has decided to reposition itself as ‘the ethical grocer’. Evaluate whether they could achieve this while still making a profit.
1 You have been appointed chief executive of Marks & Spencer. Your mission is ‘to restore M&S as the clothing store of choice for women over the age of 30’. Evaluate how you will set about this task.
4 From your own knowledge of Snapchat, evaluate whether the business could ever generate advertising or other revenue to make it worth billions of dollars.
3 Assess whether profit or sales maximisation was the most appropriate business objective for Snapchat in its early years.
2 Explain the term ‘target market’ in the context of Snapchat.
1 Explain the importance of ‘funding’ to Snapchat.
7 Outline one strength and one weakness of a business such as Aston Villa FC setting itself objectives for the coming season.
6 Read John David Wright’s quotation (see page 162). Explain its meaning in your own words.
5 Why might a business suffering bad publicity emphasise a new set of social objectives?
4 Outline why ‘survival’ might be the wisest objective for a brand new start-up business.
3 Outline two possible risks if a business such as Sainsbury’s sets itself the objective of sales maximisation.
2 State whether each of the following statements is a mission or an objective:a) to become the world’s favourite car rental businessb) to bring healthy eating to Wiganc) to achieve a 40 per cent market share by the end of 2018.
1 Explain two differences between a mission and objectives.
2 This chapter started by saying that ‘The motives of entrepreneurs are often rooted in psychology rather than ambition.’ Evaluate whether ambition is likely to create a more successful and profitable business.
1 Motor car pioneer Henry Ford once said that ‘a business that makes nothing but money is a poor business’. Evaluate that statement.
4 In Britain, Domino’s charges £10.49 for a delivered medium pizza such as the Meat Combo and Papa John’s charges £12.49. Assess the prices you believe that Naked Pizza should set for delivered pizzas in the UK market.
3 Between August 2010 and 2014, the business was developing quite rapidly. Assess two possible risks that may undermine the success of this expansion.
2 Assess two probable motives behind Jeff Leach and Randy Crochet’s establishment of their Naked Pizza business.
1 Give two characteristics of successful entrepreneurs shown by the founders of Naked Pizza.
3 Assess two main factors you think he should also consider before going ahead. Surfer population Forecast year 1 sales Surfboard selling price UK market only (surfers under 1.1) 22,000 2,200 120 US market only (surfers under 11) 580,000 29,000 $200 Rest of the world (surfers under 11) 460,000
2 Explain your reasoning behind one of those questions.
1 If you were to advise Travis, identify four questions you would like to ask him about his business plans.
6 Having read this chapter, explain briefly how successful or unsuccessful you think you would be as an entrepreneur. Take care to explain your reasoning.
5 Briefly explain one argument for and one against saying that entrepreneurs are born, not made.
4 Explain two actions the government could take to encourage more people to become entrepreneurs.
3 Section 24.2 mentions a restaurant that expects to receive 60 customers per day spending £25 each, but actually gets 40 customers spending £20. Calculate the shortfall in revenue that will result from these differences.
2 Section 24.1 lists the characteristics needed to be a successful entrepreneur. Which two from this list seem of greatest importance to:a) a new firm facing a collapse in demand due to flooding locallyb) a 19-year-old entrepreneur wanting to start her own airline?
1 Why is ‘initiative’ an important quality in an entrepreneur?
2 Although he has a personal fortune of around £500 million, Stelios(founder of easyJet) keeps starting up other businesses, including Fastjet – Africa’s first low-cost airline. Evaluate the possible motives of a serial entrepreneur such as Stelios.
1 Outline a new business that you might like to start. Evaluate the benefits and drawbacks to you personally of starting that business.
2 Assess Mr Oldham’s probable role in the start-up of Share Radio.
1 Assess two possible reasons why staff may enjoy working in a startup such as Share Radio.
3 Use the text and Figure 23.3 to evaluate whether Cara is likely to succeed with her new shoe shop.
2 Assess whether an entrepreneur such as Cara should be given financial help by the government in the early stages of her start-up.
1 Assess two pieces of small budget research Cara should carry out before taking things any further with her upmarket shoe shop in Leeds.
7 You are thinking of starting a new online travel agency focused on extreme sports. Examine three factors that will determine whether or not the business succeeds.
6 Firms may worry that an intrapreneur wants to leave and become an entrepreneur. Outline two barriers that may prevent the individual from proceeding.
5 Explain why it might be wise for a small firm to turn down a large order from a national supermarket chain.
4 Which one of Richard Branson’s top tips (see page 148) do you think is the most important? Explain your reasoning.
3 Explain in your own words the purpose of geographical mapping.
2 Have you spotted any business opportunities recently? If yes, set out your idea in no more than three sentences. If no, decide now what you believe to be the best opportunity in your local high street or shopping centre. Again, set it out in no more than three sentences.
1 Explain how ‘observation’ could help a business-minded person to come up with a great new idea for starting a firm.
3 Evaluate whether it can ever be right to pay a business leader 1,000 times more than the lowest-paid employee in the organisation.
2 ‘Great leaders are born, not made.’ Evaluate this view.
1 Evaluate the view that autocratic leadership has no place in today’s business world.
3 Devise your own series of questions in advance, but make sure to include the following themes.a) How open are communications within the business?b) Are staff encouraged to apply a questioning or critical approach?c) Are there any forums for discussion or debate on important policy issues
2 Your objective is to gain a full understanding of the leadership style prevailing at the employee’s workplace, and the style employed by the individual’s own manager.
1 Arrange to interview an employee. Preferably this person should be a full-timer who has worked for at least a year. The employee could be a manager but should not be a director.
3 Assess whether the democratic approach is always superior to other styles of leadership.
2 Explain two weaknesses of Goodwin’s style of leadership.
1 Explain whether Fred the Shred was an autocratic or a paternalistic leader.
10 Analyse the leadership style adopted by your teacher/tutor.
9 Many managers claim to have a democratic style of leadership.Often, their subordinates disagree. Outline two ways of checking the actual leadership style of a particular manager.
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