GCSE Revision

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<ul><li><p>1 </p><p>GCSE Business Studies </p><p>Revision Guide </p><p>Mr G Martin 2007 </p></li><li><p>2 </p><p>Contents </p><p>Structure of the exam 3 </p><p>Revision list 10 </p><p>Glossary of key terms 14 </p><p>Core Paper </p><p>External Environment 17 </p><p>Business Structure, Organisation &amp; Control 26 </p><p>Business Behaviour 36 </p><p>People in Organisations 50 </p><p>Aiding &amp; Controlling Business Activity 55 </p><p>Business Communication &amp; Marketing Paper </p><p> 58 </p><p>Case Study Paper </p><p>Key Terms 68 </p><p>Key facts about Diva PLC 71 </p><p>Case study analysis and practice questions 72 </p><p>Case study exam structure 80 </p><p>Practice Exam Questions 81 </p><p>Useful Revision Websites 98 </p></li><li><p>3 </p><p>THE STRUCTURE OF THE EXAM</p></li><li><p>4 </p><p>About the exams OCR GCSE Business Studies Specification A The exam is spilt into two tiers, you will either sit the higher or foundation tier, your teacher will tell you which one you are entered for You will be taking three Business Studies exams: </p><p>Core Paper This paper is a general (synoptic) Business Studies paper, and contains of up to five compulsory questions based on short business case studies. The paper will be marked out of 120 marks, four of which will be awarded for quality of written communication. These ones will have a star next to them and will have something like [4+2 marks] next to them which means 4 marks for the question and two marks for the written communication 50% of the overall assessment Thursday 14th June (Ihr 45mins) </p><p>Business Communication &amp; Marketing There will be two questions based on Business Communication and Marketing ONLY. The papers will be marked out of 60. Two marks will be awarded for the quality of written communication. </p><p>25% of the overall assessment Tuesday 19th June (1 hr) </p><p>Case Study Seven questions based on a pre-seen Case Study of a business scenario. You will not be allowed to take notes or annotated versions of the Case Study into the examination room. A new copy of the Case Study will be issued with the questions. The papers will be marked out of 120 marks, eight marks will be awarded for quality of written communication. 25% of the overall assessment Friday 25th May (1hr 30mins) </p><p>Hello, Im Mr Martin (yer I can draw) and this is my lovely revision guide to help get you through the GCSE Business Studies exams, its so good, a little bit of. well you know the rest!!! </p></li><li><p>5 </p><p>QUESTION TYPES </p><p>All exam questions in Business Studies can be answered using this triangle, and here is how it works!! First of all, there are four different levels to exam questions. </p><p>Level 1: State a fact/ write a description- With level 1 questions you are required to state a fact, or give a definition </p><p> Level 2: Application of knowledge- For level 2, you need to state a fact, the apply. So for example, a </p><p>sole trader is a company which is set up and controlled by one person, for example a window cleaner </p><p> Level 3: Research and analysis- For level 3, you must show that you have read or </p><p>understood the case study which you are given, and then apply your answer to the case study. In other words pick out key facts from the case study to help your answer. </p><p> Level 4: Evaluation- Level 4 questions require you think about two sides of an </p><p>argument, the advantages and disadvantages, the pros and cons, etc, etc. You then need to give you opinion at the end to sum up. For examples based on all of the advantages, I think that this business should go ahead with a merger, etc, etc. </p><p>The levels are like building blocks, so do get full marks for a level 2 question, you must also state a fact (level 1). To get full marks for a level 4 question, you need to ensure that you have stated a fact (L1), given an example (L2), read the case study and applied you answer to it (L3) stated advantages and disadvantages, then given you informed opinion (L4). In other words you must do L1, L2 and L3 then you can start to pick up the L4 marks. </p><p>Let me show you my MAGIC TRIANGLE! </p><p>Its lush! </p><p>Whaaaaaaat? </p></li><li><p>6 </p><p>How to spot the level of response required </p><p> There are three question types:- </p><p> Short answer questions which will target assessment objectives L1 &amp; L2. Structured response questions which will target all four assessment objectives, but will focus </p><p>mainly on L1, 2 &amp; 3. Open-ended questions target all of the four levels. </p><p>Marks are also given for the quality of written communication. </p><p>Short answer questions Marks: Usually worth a small number of marks e.g. 2-3 marks </p><p>Command: Define, Describe, Explain, Give, List, Identify, Outline, State, What is meant by, Name, Apply, Calculate, Demonstrate, Examine, Give an example, Using examples, With reference to the evidence, How, Show how, Why, Which, Using, Draw on your knowledge, Using your knowledge of, Graph, What trends, etc. </p><p>Structured response questions Marks: Usually a mid- range number of marks e.g. 4- 6 marks </p><p>Command: State the advantages and disadvantages of, What would be the benefits/costs of, Analyse, Calculate and comment upon, Compare and contrast, Discuss, Explain, Show how, Which, What factors, Examine, Identify, Organise, What, etc. </p><p>Open ended questions Marks: Usually the high mark questions e.g. 10- 16 marks </p><p>Command: Advise, Evaluate, Assess, Consider, Discuss, Explain why, To what extent, Assess the extent, Weigh up, Suggest, Justify, Predict, Do you think, How far, Would you agree, Why, Suggest, Evaluate the suggestion, Critically assess, Assess the relative importance, etc. </p></li><li><p>7 </p><p>Command Words </p><p>Ok, thats great, but what do the command words mean? </p><p>State To give a fact Define To give the definition of something, to state a fact Describe To talk about something Summarise To give a brief overview of something Distinguish To look at two things and draw out the strengths weaknesses or characteristics of </p><p>something Discuss To talk about something in depth Explain To discuss something, considering the reasons why it is the way it is Analyse To read through something and find the key points, draw out the advantages and </p><p>disadvantages, strengths and weaknesses, etc Assess Similar to analyse Evaluate To consider the strengths and weaknesses, advantages and disadvantages and then give your </p><p>opinion Contrast indicate the differences between two things </p><p>How to get the top marks </p><p>Right, so how does all this fit together? </p><p>Short answer questions L1 &amp; L2 For these lower marks questions, you need to show that you know the answer to the question and can give an example, you should also try to apply your answer to the case study For example: </p><p>Define the term Public Limited Company [2 Marks] </p><p>A public limited company is one which is owned by shareholders, and run on a day to day basis by a board of directors. A PLC can sell its shares on the stock exchange. For example ITV plc which provides a TV service. </p><p>L1- A clear definition L2- The use of an example </p></li><li><p>8 </p><p>Structured response questions (L1, L2, L3) For this question type you must demonstrate L1 and L2, and that you have analysed the case study (L3) For example: </p><p>Explain the difference between fixed and variable costs using examples relevant to Home Service. </p><p>[4 Marks] </p><p>Fixed costs are those that are always there, regardless of how much or how little you sell, for example rent, salaries and business rates, however variable costs are different types of cost because variable costs those that rise as your sales increase, such as additional raw materials, extra labour and transport. In the case of Home Service the fixed costs are the lease of the van which James will use to run his business, the variable costs are the fuel costs of transport of the goods to the customers houses. </p><p>Open Ended Questions (L1, L2, L3 &amp; L4) </p><p>These questions will require you to demonstrate all of the skills; stating your knowledge (L1), application (L2), using evidence from the case study (L3), and making a reasoned judgement (L4) For example: </p><p>When James carried out some financial planning he discovered that he needed 5000.He is considering taking out a bank loan for this amount. </p><p>Explain the advantages and disadvantages to James of a bank loan for 5000. </p><p>You should justify your opinion. </p><p>[12 Marks] </p><p>In Summary Right so before you even begin to start answering exam questions, you need to do the following: </p><p>1) Read the whole exam paper first 2) Pick out your confidence questions (the ones you know how to do really easily), this wakes up your </p><p>brain, once you have done these you will find that the more difficult questions start to make better sense! </p><p>3) Read the question carefully. 4) Identify the level of response, which the question is looking for, is it Level 1, Level 2. Level 3 or </p><p>Level 4. Write a quick note next to the question to remind you. 5) Look at the marks, this will help you to identify the level of response, and the amount that you </p><p>L1- The candidate clearly understands the terms fixed and variable costs. The candidate demonstrates that they know the difference between fixed and variable L2- Examples are used to apply the knowledge and understanding L3- The answer is clearly applied to the case study </p><p>L1/ L2- Showing a thorough understanding of sources of finance, specifically bank loans L3- Showing advantages &amp; disadvantages that are relevant to James L4- Giving James some overall advice, based on AO3. Should he take out the loan or not? </p></li><li><p>9 </p><p>need to write 6) Identify the keywords, I recommend you to underline them. What does the question want you to </p><p>actually talk about? 7) Plan, if it is a L4 question, just jot down three points for and three points against this will then </p><p>remind you when you are answering the question, rather than going off on one!! </p><p>Have a go... Its your turn, for each of the following questions, identify; </p><p>(i) the level of response (ii) the command word (iii) the key words and if its a L4 a short plan of your answer </p><p> The first one is done for you.. </p><p>Explain why a sole trader is an appropriate form of ownership for Mr P. Nurses business? A. State and explain 3 reasons why organisations may need to recruit workers? B. List 10 items that might be included in a job advertisement. C. What media would you use to advertise a Maths teaching post? D. What does internal recruitment mean? E. Explain what is meant by Maslows Hierarchy of needs. List all five levels and explain in your own </p><p>words what each one means. F. EV plc is also looking for people to take on franchises in their printing business. Laura Lloyd, who </p><p>already runs her own printing shop as a sole trader, has seen the advertisement and is considering taking on a franchise. The other alternative Laura has considered is to go into partnership with her sister, Emily. Advise Laura whether she should take on the franchise </p><p>Does that make sense? </p><p>I can smell ham </p><p> Key Word Level of response-&gt; L3 Because you would need to analyse a case </p><p>Command word study </p></li><li><p>10 </p><p>REVISION LIST </p></li><li><p>11 </p><p>CORE PAPER Business Activity Needs and wants Primary, secondary and tertiary sectors. </p><p> The Organisation Major business objectives and their importance. Stakeholders Differing aims of private and public sector </p><p> The Changing Business Environment Government influence on decisions - local, national and international. Different ways of measuring the size of a business The impact of technology on business. Global opportunities for and constraints on business activity including the effects on UK business of </p><p>membership of the EU. Ownership and Internal Organisation Types of business organisation - sole trader, partnership, limited company, public corporation, </p><p>holding company. The importance and growth of multi-national companies. Limited and unlimited liability. Business activity undertaken by the government, and through government agencies. Financing Business Activity Short and long term needs of the business. Main internal and external sources of finance for both public and private sector organisations. Factors affecting the methods of finance chosen. </p><p> Marketing Primary and secondary market research Presentation and use of research results. Market segmentation Franchises. The main elements of the marketing mix. </p><p>o Product - design, name, range, packaging, the product life-cycle. o Price - methods and strategies. o Placement - channels of distribution. o Promotion - advertising, media selection and point-of-sale promotion. </p><p> How these elements are combined into a marketing strategy. Production Using and managing resources to produce goods and services. Methods of production - job, batch, process, flow. Economies of scale and dis-economies of scale. Classifying costs - fixed and variable, direct and indirect. Simple models of break-even analysis, their use and limitations. Quality assurance, meaning, methods and importance. </p><p> Financial Information and Decision-Making Cash flow forecasts. Importance of profit. </p></li><li><p>12 </p><p> The purposes and main elements of profit and loss account - gross and net profit calculations. Purposes and main elements of the Balance Sheet. Ratios </p><p> Human Needs and Rewards Payment systems. Pay slip. Managing and motivating workers, the benefits of and the methods of motivation and leadership </p><p>styles. Management and Recruitment Stages in recruitment and selection. The documents of recruitment and selection including the job description, person specification, </p><p>advertisement, application forms and CVs. Training and Staff Development The purposes of training the maintenance and development of people in organisations. Types of training. </p><p> Reasons for Regulating Business Activity Supporting and controlling the impact of business activity on people, the economy and the </p><p>environment. Influences on Business Activity Location and development - grants, planning control, enterprise zones, infrastructure. The workforce - trade unions, types of industrial action and resolving conflict. Health and safety, contract of employment, employment protection, equal opportunities, the </p><p>national minimum wage. The consumer - consumer protection. </p><p>Marketing &amp; Business communications </p><p> Communication in Business Activity </p><p> Types of communication within different organisations. The importance of effective business communication. Barriers to effective communication. The changing nature of communication within and between businesses. The impact of changes in ICT on the nature and location of the workplace. </p><p> The Impact of e-commerce on Business Activity </p><p> The nature of e-commerce. Difficulties in the development of e-commerce as a means of trade. The benefits of e-commerce to business and the consumer. Consumer protection in relation to e-commerce. Issues of security and confidentiality in e-commerce. </p><p> Marketing and the Business Environment </p><p> The aims and importance of marketing. The link between marketing and e-commerce. Niche, mass and test markets. </p></li><li><p>13 </p><p> The use of socio-economic groups and sampling methods in market research. SWOT analysis. The link between dem...</p></li></ul>