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    Make Up Test Mark Scheme 11-21

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    quattrochi
    This document outlines a mark scheme for a business exam. It includes 9 questions that assess students' knowledge of business terminology and concepts. For each question, it lists possible answers and the number of marks awarded for correct responses. It also provides guidance on what level of understanding is needed for partial or full marks. The questions cover topics like reasons for government business support, types of business organizations, and defining terms like stakeholders, business objectives, and business plans.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Make Up Test Mark Scheme 11-21

    Uploaded by

    quattrochi
    29 views5 pages
    This document outlines a mark scheme for a business exam. It includes 9 questions that assess students' knowledge of business terminology and concepts. For each question, it lists possible answers and the number of marks awarded for correct responses. It also provides guidance on what level of understanding is needed for partial or full marks. The questions cover topics like reasons for government business support, types of business organizations, and defining terms like stakeholders, business objectives, and business plans.

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    This document outlines a mark scheme for a business exam. It includes 9 questions that assess students' knowledge of business terminology and concepts. For each question, it lists possible answers and the number of marks awarded for correct responses. It also provides guidance on what level of understanding is needed for partial or full marks. The questions cover topics like reasons for government business support, types of business organizations, and defining terms like stakeholders, business objectives, and business plans.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    29 views5 pages

    Make Up Test Mark Scheme 11-21

    Uploaded by

    quattrochi
    This document outlines a mark scheme for a business exam. It includes 9 questions that assess students' knowledge of business terminology and concepts. For each question, it lists possible answers and the number of marks awarded for correct responses. It also provides guidance on what level of understanding is needed for partial or full marks. The questions cover topics like reasons for government business support, types of business organizations, and defining terms like stakeholders, business objectives, and business plans.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    - Mark Scheme /

    Question Answer Marks AO Element Notes Guidance

    1 Identify two reasons why a 2


    government might support
    business startups.
    Award 1 mark per reason.
    Points might include:
    • reduce unemployment • increase
    competition • increase output •
    benefit society • small businesses
    can grow Other appropriate
    responses should also be credited.

    2 State two types of business 2


    organisation.
    Award 1 mark for each type of
    business organisation.
    Points might include:
    • sole trader • private limited
    company • public limited company
    • franchise • social enterprise •
    charity • public corporation •
    partnership
    Other appropriate responses should
    also be credited.
    - Mark Scheme /

    Question Answer Marks AO Element Notes Guidance

    3 Outline two disadvantages of 4


    BMT being a business
    partnership.
    Award 1 mark for each relevant
    disadvantage.
    Award 1 mark for each relevant
    reference to this business.
    Points might include:
    • Unlimited liability/ each
    responsible for debts of other [k] so
    if business cannot pay its debts
    there is risk to the personal assets
    of each brother [app] • Fewer
    sources of finance (than limited
    company) [k] restricting plans to
    expand the watch business [app] •
    Possible disagreements/slower
    decision making [k] such as
    whether to import parts [app] •
    Have to share profits [k]
    Other appropriate responses should
    also be credited.
    - Mark Scheme /

    Question Answer Marks AO Element Notes Guidance

    4 State two objectives (other than 2 Only award the first two
    expansion) a business might have. responses given.
    Do not award growth as
    Award one mark per objective this is the same as
    Objectives might include: expansion.
    • survival/stay in business beyond
    first two years/breakeven/improve
    cash flow
    • make a profit
    • increase market share/increase
    sales/increase revenue/enter new
    markets (or examples such as start
    selling online)/become market
    leader
    • return to shareholders/increase
    return on capital employed
    • be
    socially/ethically/environmentally
    responsible (or examples but allow
    only once)
    • provide a service to the
    community
    • cuts costs/improve profit
    margin/add value
    Other appropriate responses should
    also be credited.
    - Mark Scheme /

    Question Answer Marks AO Element Notes Guidance

    5 Identify two stakeholder groups, 2


    other than employees.
    Knowledge [2 × 1] – award one
    mark per stakeholder
    Stakeholders could include:
    customers, suppliers, Government,
    owners or shareholders, lenders,
    community.
    Note: Do not accept competitors,
    managers, directors.

    6 Identify two examples of business 2 Accept any reasonable


    activity in the tertiary sector. suggestion
    Knowledge [2 × 1] Award one mark Do not award specific
    for each relevant example company names such as
    McDonalds, Starbucks as
    Points might include: Accountants,
    this does not answer the
    retailers, hairdressers, doctors,
    question.
    restaurants, airlines, transport or
    distribution businesses

    7 What is meant by ‘shareholder’? 2

    Clear understanding [2]:


    Shareholders are the owners of a
    limited company.
    Some understanding [1]: some one
    who owns part of business
    - Mark Scheme /

    Question Answer Marks AO Element Notes Guidance

    8 Identify two reasons for a 2


    business to set objectives.
    Application [2 × 1] – award one
    mark for each relevant reason
    Points might include:
    • Measure of success (to judge
    performance)
    • Helps decision-making OR
    planning OR budgeting
    • Gives sense of purpose and
    direction OR know what you have
    to do
    • Aim or target
    • Motivate

    9 What is meant by ‘business 2 Do not award answers


    plan’? that explain why it is
    used e.g. support loan
    Clear understanding [2] e.g. a
    applications
    document containing the business
    aims/objectives and important
    details about the operations, finance
    and owners of a business
    OR states aim and/or objectives
    and shows how business aims to
    achieve them
    Some understanding [1] states one
    element of plan e.g. shows
    marketing strategy OR production
    costs

    [Total: 20]

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