Entrepreneurship

Which of the following is an advantage of job production?

Which of the following pairs of legal structures both benefit from limited liability?

Which of the following is an economic influence on businesses?

Which of the following is a method of digital communication?

Which of the following is the formula for average unit costs?

Which of the following describes the lean production technique of just-in-time (JIT)?

Identify two factors a business may consider when choosing a supplier.

Explain one reason why a person might want to become an entrepreneur.

Explain one reason why the training of current employees may be needed.

Explain one disadvantage to a business of decentralisation.

Explain what is meant by opportunity cost for a business.

State and describe two documents which may be produced during the recruitment and selection process of employees.

Which of the following is a benefit to an entrepreneur of operating as a sole trader?

Which of the following is a method of internal recruitment?

Which of the following describes when induction training should take place?

Which of the following is correct for a flat organisational structure?

Which of the following is the most likely effect of a decrease in interest rates?

Which of the following is an example of a fixed cost?

Explain one method of growth used by a business when expanding organically or externally.

Explain why a business uses delayering.

Explain one way a person specification can be used as part of the recruitment process.

Businesses aim to meet the needs and wants of customers. Explain the meaning of the term ‘need’ using an example.

Explain one disadvantage to a business of expanding through external growth.

Land is one of the four factors of production.

Identify and explain two factors of production other than land.

Which of the following is true for a public limited company?

Which of the following costs is an example of a variable cost?

Which of the following statements describes job production?

If an employee changes from full-time employment to job sharing, which of the following is true?

Which of the following is likely to be an effect of delayering in an organisation?

Which statement is most likely to be correct when interest rates rise?

Identify two stakeholders of a business.

Explain one cost of maintaining quality during the production of a product.

Explain one disadvantage to a business of poor customer service.

Describe one characteristic of an entrepreneur.

Explain what is meant by ‘induction training’.

State and explain two financial methods of rewarding employees.

Item A: One Day Photography

Describe what is meant by the term ‘entrepreneur’.

Debbie previously worked full time from 10am to 6pm in a supermarket.

Analyse one benefit to Debbie of operating ODP as a sole trader.

Debbie is spending many hours a week updating the ODP social media account and responding to messages.

Recommend whether Debbie should continue to use social media to promote ODP.

Give reasons for your answer.

Item B: One Day Photography

Identify one current asset of a business.

Explain why a unique selling point (USP) is important to a business.

Debbie charges £180 for a family photography session. The cost to ODP for each session is £60.

Using the information in Table 2, calculate how many sessions Debbie would need each week to equal the profit from two weddings.

Show all workings.

Debbie is considering a bank loan to open a studio and upgrade her camera equipment, but she would have to use her home as security. This means that if she struggled to repay the loan the bank could force her to sell the house.

Recommend whether Debbie should use a bank loan.

Give reasons for your answer.

Item C: Fone ltd

Using Item C, explain one advantage to Fone ltd of being a private limited company when expanding the business.

The business has decided to expand by introducing car phone holders to its product range.

Using Item C, explain the opportunity cost of this decision.

There have been 500 applications received for the team leader’s job and the business now needs to shortlist only the most suitable applicants.

Using Item C, analyse one way the person specification can be used to decide which applicants to invite for an interview.

Item D: Fone ltd

Identify one reason for diseconomies of scale occurring.

Using the information in Table 2, calculate the average number of phone cases per month produced from April to June.

Demand for the new ultra-thin phone cases is increasing.

Analyse one advantage to Fone ltd of introducing its new flow production process.

Item E: Fone ltd

Introduce a new lean production technique

Each department can have a group of up to three employees making suggestions on how to improve the process to lead to higher productivity.

It will be optional to join these groups.

Groups can be set up immediately and will have responsibility for reviewing roles and tasks within the department and suggesting changes.

There will be a bonus of £5000 for each department (to be shared within the department) if they improve productivity in the next three months.

Change the organisational structure and recruit internally for new assistant managers within each department

Internal recruitment for assistant managers can be completed within a month.

This will result in a pay rise of £5000 for successful applicants.

Assistant managers will have the authority to make some decisions and will oversee training.

Figure 1 Current organisational structure of Fone ltd

Table 3 Information about employees’ productivity in each department at Fone ltd

Anita wants to increase the productivity of all employees quickly and plans to use two options to achieve this.

1. Introduce a new lean production technique to each department.

2. Change the organisational structure and recruit internally for new assistant managers within each department.

Analyse the effect of each of these two options on all employees at Fone ltd.

Recommend which option Fone ltd should introduce first to improve productivity of all its employees in the short term.

Which of the following characteristics of an entrepreneur is the ability to develop new ideas/products?

Which of the following describes the chain of command?

Which of the following is a definition of a part time contract of employment?

Which of the following is the formula for total costs?

Which of the following is the next stage in the selection process after the closing date for job applications?

Enterprise is one of the four factors of production. Which of the following is a definition of enterprise?

State two financial methods of motivation.

Explain one method a business may use to expand.

Explain one benefit of job production to a business.

Explain one benefit to shareholders of limited liability.

Identify two stages of the process of procurement.

State and explain two employment laws.