기출문제 (2021~2024)

Question 1

Two problems that a new business might face

Answer 1

• lack of finance and working capital
• lack of expertise or management skills
• competition too hard
• lack of record keeping
• insufficient or poor-quality research

Question 2

Strategy to improve net profit margin

Answer 2

• reducing direct cost
• reducing overhead costs
• increasing price

Question 3

Features of public-private partnership (PPP)

Answer 3

• established by the government and one (or more) private sector businesses
• used for projects that benefit local communities and society
• social aims take precedence
• public funding for public projects is insufficient or unavailable
• once the project is complete, it is genereally maintained by the private contractor in the medium/long term

Question 4

Branding

Answer 4

process of distinguishing one firm’s product from another (using features such as brand name, logo, design etc…) This establishes identity that distinguishes it from the competition

Question 5

Target market

Answer 5

groups of potential customers with common needs or wants to whom a company wants to sell its products and services.

Question 6

Process innovation

Answer 6

implementation of a new or significantly improved or modified production or delivery methods. This includes significant changes in production techniques, equipment and/or software

Question 7

Enterpreneur

Answer 7

• A person who starts a business
• A person who has raised finance to start up the business
• A person that organizes the new business from hiring and buying inputs like raw materials and workers to producing/providing the finished goods/servies for sale
• A person that has to be a risk taker because the business could perform poorly or even fail
• It is an individual who demonstrates enterprise and initiative in order to make profit

Question 8

Unique selling point/proposition (USP)

Answer 8

Aspect or feature of the product that may differentiate it from its rivals. It may help a business to gain a competitive advantage over competitors

Question 9

Features of e-commerce

Answer 9

• e-commerce faces few geographic constraints
• available/accessible at any time
• global reach
• standardized platforms, easy to use
• multiple payment options
• personalization

Question 10

Features of loan capital

Answer 10

• medium or long-term borrowed money
• it must be repaid
• the borrower must pay interest
• the borrower might be required to put up security to obtain a loan
• it is an external source of finance

Question 11

Brand loyalty

Answer 11

when particular customres will always, or almost always, choose one brand over another. It is when consumers become committed to a firm’s brand and are willing to make repeat purchases over time.

Question 12

Quota sampling

Answer 12

gathers data from a group or sub-group with a specified number of participants in each group or sub-group. Groups/sub-groups will have specific traits/characteristics

involves segmenting a given population into a number of groups that share certain characteristics such as age and gender

Question 13

Profit centre

Answer 13

A section of business where both costs and revenues can be identified and are recorded

Question 14

span of control

Answer 14

number of people a supervisor or line manager directly supervises

Question 15

Fringe payments

Answer 15

additional benefits offered to employees above their normal salary

Question 16

Pressure group

Answer 16

External stakeholders who try to influence the decisions made by an organization

Question 17

Market share

Answer 17

The percentage of total sales that a business has within an industry. It can be calculated using the following formula:
Market share percentage= (Business sales/ total market sales) × 100

Question 18

Two possible causes of cash-flow problem for a business

Answer 18

• lower sales, not enough cash in
• higher costs and expenses, too many liablities to pay back
• having too much stock
• allowing too much credit, poor credit control, high debtors days
• seasonal variation in demand

Question 19

Two types of businesses, that operate in the tertiary sector

Answer 19

• banks
• insurance companies
• restaurants
• real estate
• personal services

Question 20

Overdraft

Answer 20

when a business spends more money than it has available in its current account. A bank will allow such spending by offering an overdraft facility to the business, allowing the excess spending. An overdraft is a short-term external source of finance that incurs overdraft fees or interest

Question 21

Economies of scale

Answer 21

reductions in average unit costs that arise from an increase in the scale of operations/ an increase in output

Question 22

Advantage of operating as a for-profit social enterprise

Answer 22

• a favourable legal status is achieved
• strong communal identity
• stakeholder community benefits
• owners have limited liability
• more sustainable than a non-profit organization

Question 23

Features of cooperative

Answer 23

• shared profits or losses of members
• shared decision-making between members
• limited liability of members

Question 24

Advantage of having a mission statement

Answer 24

• calrify purpose
• communicate a message publicly
• focus energy and attention
• inform decision-making
• motivate employees

Question 25

Fixed cost

Answer 25

is a cost that does not change with the level of production

Question 26

Productivity rate

Answer 26

a measure of the efficiency of production and can be defined as the rate of output to input of production. It is also a measure of the added value of the business

Question 27

Features of public limited company

Answer 27

- government rules, laws and regulations strcitly govern public limited companies - shareholders do not participate in the day-to-day management of the business of a company - sharedholders' liability is limited to their investment in the company - Legal continuity - Raise capital by selling shares

Question 28

Perormance related pay (PRP)

Answer 28

system of financial reward where the amount received by a worker is linked to how well they have reached targets and met criteria PRP can be a motivator, but it is also difficult to implement, for example to measure and quantify performance

Question 29

Methods of primary market research

Answer 29

- focus groups - observation - questionnaires - interviews

Question 30

Features of batch production

Answer 30

- identical products are produced in batches - the method is suitable to produce a variety of goods - groups of products are produced at one time - one stage of operation is carried out on whole batch and then the whole groups is passed on to the next stage - same type of machines arranged at one place - the work involves some repetition

Question 31

Brand awareness

Answer 31

marketing term that describes the degree of consumer recognition of a product or service by its name, logo or sound

Question 32

Two features of private limited company

Answer 32

- incorporated, therefore a separate legal entity whose owners have limited liability - shares are not sold in a public market - legal continuity - better access to finance than sole traders

Question 33

Equity

Answer 33

measure of value that the owner have in the company or business. Calculated by: - subtracting all debts from total assets or - adding share capital and acculmulated retained earnings

Question 34

Characteristics of niche market

Answer 34

Nich market: well-defined segment of a market with consumers in that market having specific characteristics - segmented consumers within the larger market place (commmon demographic, purchasing behaviour) - very small segment compared to the market as a whole - products are generally more expensive than products for a mass market

Question 35

Organizational culture

Answer 35

based on the beliefs, values and attitudes of the leadership and employees in a business. It can be classed as "the way we do things around here"

Question 36

Characteristics of flow production

Answer 36

- continuous process of manufacturing products often using assembly lines - standardized large quantity of products are being produced - often very capital intensive with investment in machinery - often able to utilize relatively low skilled labour

Question 37

Redundancy

Answer 37

occurs when an employer determines that a job no longer needs to be performed

Question 38

Describe one step in the development of a brand

Answer 38

- consideration of the business' strategy - identification of the target market - doing market research - selection of a name and logo

Question 39

Product orientation

Answer 39

- a company will choose to ignore their customers' needs and to focus only on efficiently building a quality product. - do not undertake market research identifying customer reactions to their proposed product before commencing production. - the company believes that if they can make the best product, their customers will come

Question 40

Two features of product innovation

Answer 40

- the development of a new, redesigned goods or services (creative innovation) - quality improvements made to a product - the inclusion of components, materials or desirable functions into an existing product (adaptive innovation)

Question 41

Social marketing

Answer 41

- use of commercial marketing tools and techniques (eg. market research) to influence individuals' behaviour, to improve their well-being and/or that of society as a whole - the aim is not to encourage purchase, but to raise awareness and lead to change (different to commercial marketing)