# AQA Business Studies BUSS1 - 14th May 2012! Watch

1. (Original post by 0range)
Tbh I don't think that's as important with Buss1, it is important but you definetely need to know how to do calculations and beable to apply the theory more. In this paper there are more marks for knowledge and application then there are for analysis and Ev.

Structure I used:

Keyword
Point
What it depends on

^ Did that twice and just had a conclusion.

Thanks Bruh.

Yup lower = better
and I think it would be smart to be able to know how to draw it, it did come up in like the 2010 paper so it might come up again.

(Original post by Lakhvir.Singh)
Here is a formula sheet my school put on Moodle. It may or may not help you, but it is attached!
Thanks for the formula sheet.
2. Yeah thanks for the formulas and also answering my question about market size

I have one more question anyone know a good way of writing a conclusion?? Im rubbish at them!
3. I'm a Business Studies veteran (ha) and am in A2, taking BUSS4 this summer. The only advice I can offer is to learn the defenitions as thouroughly as you can - most of the exam is basiaclly about regurgitating meanings, and if you can nail those you'll be sure to get a good grade
4. http://www.tutor2u.net/BUSS1TopicTracker.pdf

This might be helpful for students getting ready for BUSS1 in May 2012. As each exam sitting of a new specification passes, it is a useful exercise to track which parts of the specification have been tested and in what way. Of course some topics soon become examiner favourites - tested again and again if students consistently perform poorly. So beware question-spotting.
5. Anyone got any predictions of what going to come up?
6. (Original post by bkhan)
Anyone got any predictions of what going to come up?
Kinda have a feeling market research as it comes up a lot
7. Hello guys can anyone tell me how to answer 8,12 and 15 mark questions. How should i structure my answers also do i need to give a counter argument when answering 12 or 15 mark questions.
8. I'm starting to forget what I used to know
9. Hey guys, I've attached answers to the three 'long' questions in one of the past papers I've done so far, I was wondering if anyone would be interested (willing to) in marking and critiquing it as well as myself?

I'm sure everyone knows it's pretty hard to mark your own answers as you're more likely to be lenient to yourself and give yourself marks you don't deserve!
I also think it's useful to read other people's answers so that you can pick up useful phrases and improve your structure and content

These questions are questions 2a, 2b and 2c from the January 2009 AQA Bus1 exam, and I graded myself 10/10, 10/13 and 14/17 respectively. Please don't be lenient so as not to offend me - I think honesty is the best policy in helping everyone learn to improve ahead of the exam on Monday!

If anyone else wants to upload theirs too, I'll definitely give feedback/mark their's!

10. (Original post by HeyyImRyan)
Hey guys, I've attached answers to the three 'long' questions in one of the past papers I've done so far, I was wondering if anyone would be interested (willing to) in marking and critiquing it as well as myself?

I'm sure everyone knows it's pretty hard to mark your own answers as you're more likely to be lenient to yourself and give yourself marks you don't deserve!
I also think it's useful to read other people's answers so that you can pick up useful phrases and improve your structure and content

These questions are questions 2a, 2b and 2c from the January 2009 AQA Bus1 exam, and I graded myself 10/10, 10/13 and 14/17 respectively. Please don't be lenient so as not to offend me - I think honesty is the best policy in helping everyone learn to improve ahead of the exam on Monday!

If anyone else wants to upload theirs too, I'll definitely give feedback/mark their's!

Reading that was definitely a strain on my eyes! but from what I read it looks good (y)
For your definition of Demand add 'at a certain price' at the end of it.
Oh and for your Analysis on 2A I think it could've been explained a bit more clearly.

Calculating profit
June 2010 - Anya's Restarunt

http://store.aqa.org.uk/qual/gce/pdf...W-QP-JUN10.PDF

http://store.aqa.org.uk/qual/gce/pdf...W-MS-JUN10.PDF

1e) i do not understand how they worked out the variable costs for Budgeted expenditure

Thanks
12. Bonjour all! A2 resit here, trying to get an a* after getting 98% on unit 3, and 92% on unit 2. Thought I'd resit to boost my marks slightly.

I've not done much apart from the most recent 2 past papers, and got 48 on jun 11 & 47 on jan 12. Hopefully the exam is kind to us all!
13. (Original post by 0range)
Reading that was definitely a strain on my eyes! but from what I read it looks good (y)
For your definition of Demand add 'at a certain price' at the end of it.
Oh and for your Analysis on 2A I think it could've been explained a bit more clearly.
Very good point, thank you for spotting it!! And I agree too, I tend to waffle on a bit about things that make sense to me in my head but may not to other people

(Original post by bkhan)

Calculating profit
June 2010 - Anya's Restarunt

http://store.aqa.org.uk/qual/gce/pdf...W-QP-JUN10.PDF

http://store.aqa.org.uk/qual/gce/pdf...W-MS-JUN10.PDF

1e) i do not understand how they worked out the variable costs for Budgeted expenditure

Thanks
They worked out the variable costs by using figure 1's ingredient costs per customer (£6) and other variable costs per customer (£4).

By reading the case study you can see that Anya expects to receive 180 customers per week, with a contribution per unit of £15.

Therefore, her budgeted expenditure would be (£10 x 180 = £1,800) + £1,800 weekly fixed costs which brings the total weekly budgeted expenditure up to £3,600

From there you can subtract the weekly budgeted expenditure from the weekly budgeted income (25 x 180 = £4,500), and then times that by 13 as the question asks for the total budgeted profit for the first 13 weeks of trading.

You end up with the correct answer, £11,700

The variable costs were worked out by using the £10 per cust. from Fig 1., and the data in the case study where Anya expects to get 180 customers per week.

Hopefully this helped?

(Original post by LastHype)
Bonjour all! A2 resit here, trying to get an a* after getting 98% on unit 3, and 92% on unit 2. Thought I'd resit to boost my marks slightly.

I've not done much apart from the most recent 2 past papers, and got 48 on jun 11 & 47 on jan 12. Hopefully the exam is kind to us all!

Amazing grades! Any chance of some tips for tackling Unit 2 and 3? How is your research going for Unit 4?!
14. They worked out the variable costs by using figure 1's ingredient costs per customer (£6) and other variable costs per customer (£4).

By reading the case study you can see that Anya expects to receive 180 customers per week, with a contribution per unit of £15.

Therefore, her budgeted expenditure would be (£10 x 180 = £1,800) + £1,800 weekly fixed costs which brings the total weekly budgeted expenditure up to £3,600

From there you can subtract the weekly budgeted expenditure from the weekly budgeted income (25 x 180 = £4,500), and then times that by 13 as the question asks for the total budgeted profit for the first 13 weeks of trading.

You end up with the correct answer, £11,700

The variable costs were worked out by using the £10 per cust. from Fig 1., and the data in the case study where Anya expects to get 180 customers per week.

Hopefully this helped?

Hi, Yes i understand thank you . I dint realise the weekley part. Also the answer sheet for variable costs says (14040+9360) which is different to how you worked it out.
15. (Original post by bkhan)
Hi, Yes i understand thank you . I dint realise the weekley part. Also the answer sheet for variable costs says (14040+9360) which is different to how you worked it out.

The answer sheet does it by doing them individually ie ((6 x 180) x 13) + ((4 x 180) x 13) instead of adding them together first (which I do 'cause I prefer using contribution to work out profits )

16. Is profit worked out using total rev- total cost?? whats the other way of working it out
17. (Original post by jk122)
Is profit worked out using total rev- total cost?? whats the other way of working it out

Profit is pretty generic, I just remember it as 'revenue - costs' and then remember that the specifics are net profit 'total revenue - (variable + fixed costs)' and gross profit 'total revenue - variable costs'
18. (Original post by HeyyImRyan)

Amazing grades! Any chance of some tips for tackling Unit 2 and 3? How is your research going for Unit 4?!

Ahh right you're an A2 student! have you started revising Buss3? Oh and main thing for Unit 2 is to focus on your exam technique and make sure you're thinking logically, that and knowing most of the theory got me 93%
19. (Original post by HeyyImRyan)
Amazing grades! Any chance of some tips for tackling Unit 2 and 3? How is your research going for Unit 4?!
I think I'm about as far from a model student as possible, but my dad owns a business and I've always read the news and had a general interest in the subject. That kinda helps, especially for unit 4 where they can just throw anything at you.

Just try and get all your thoughts down in a logical structure, and in the conclusions try and write with abit of flair and look at the business from a distant standpoint. They usually make the businesses pretty awful, so the exam is basically pointing out all the flaws.

I reckon others on here would give much better advice than me though
20. Here is all the calculations & Definitions you need to know. Thank me for it (y)

Calculations:[/
Profit = Sales Revenue - Total Costs (Use second profit calculation below)
Sales Revenue = Price x Quantity Sold
Quantity = Sales Revenue / Price
Price = Sales Revenue / Quantity
Total Costs = (contribution per unit x quantity sold) + Fixed Costs
Contribution per unit = Selling Price - Varaible Cost Per Unit
Total Contribution = Contribution per unit x Quantity Sold
Profit = (Contribution per unit x Quantity) - Fixed Costs
Break Even = Fixed Costs / Contribution Per Unit
Market Share = sales in a business or project / Total sales in whole market X 100

Definitions:

1) Enterprise: The ability to handle uncertainty and deal effectively with change
2) Entrepreneur: Someone who starts and runs a business and has to take the responsibility of the risks involved. They have to manage the 4 factors of production effectively.
3) Opportunity Cost: The cost of an activity expressed in terms of the next best alternative which has to be given up when making a choice.
4) Goverment Grants: Sums of money given to a business for a specific purpose or project. The money doesnt usually have to be paid back.
5) Copyright: The protection give to books, plays, films and music.
6) Patent: An exclusive right to use a process of produce a product usually for a fixed period of time.
7) Trademark: A word, image, sound or smell that enables a business to differentiate itself from its competitors.
8) Added Value: The difference in value between the price of the finished product and the cost of raw materials used.
9) Primary Market Research: Data collected by the entrepreneur which does not already exist. For example, questionnaires or observations.
10) Secondary Market Research: Data already in existence that has not been collected specifically for the purpose of the entrepreneur.
11) Random Sample: One in which each potential member of a group has en equal chance of being selected.
12) Quota Sample: A sampling method of gathering representative data from a group. It requires that individuals are chose out of a specific subgroup.
13) Stratified Sample: Is where a selection of people is randomly chosen out of a specific subgroup.
14) Quantitative Data: Data in numerical form.
15) Qualitative Data: Data about opinions, attitdues and feelings.
16) Market Segmentation: The technique where the market is broken down into smaller sections with similar characteristics.
17) Niche Market: A small segment of a much larger market.
18) Market Share: The proportion of a total market accounted for by one product or company.
19) Market Growth: The measurement of the change in market size.
20) Market Size: The measurement of the size of total sales in a whole market.
22) Parnership: A form of business in which two or more people operate for the goal of making a profit.
23) Private Limited Company (LTD): A business which has incorporated status and the owners have limited liablity. Shares can only be sold privately.
24) Public Limited Company (PLC): A business whith limited liability, a share capital of over 50,000 pounds, 2 shareholders, 2 directors and a qualified company secretary.
25) Franchise: When a businesss (franchisor) gives another business (franchisee) the right to supply its product or services.
26) Unlimited Liability: Where owners are personally liable for all debts incurred by a business.
27) Limited Liability: Owners are limited to the amount they can invest in the business.
28) Seperation of Ownership & Control: Describes a situtation where the owners are not the same people as those who run the business on a day to day basis (The managers).
29) Overdraft: A temporary arrangement that allows the business to draw out more money that is in the account, up to an agreed limit.
30) Loan: A sum of money lent for a fixed period of time, repaid over an agreed schedule.
31) Venture Capitalists: A professional investor, often a company interested in a high growth, high risk business who will invest in return for shares.
32) Business Angel: A wealthy entrepreneurial individual willing to invest in a small, high risk business who expexts high returns.
33) Temporary Employees: Workers who are employed for a fixed period or periods of time. Often these workers are seasonal workers who work either full or part time.
34) Permanent Employees: Workers who have an open ended contract with the business. They can be full or part time.
35) Consultant: Businesses or individuals who offer professional advice or services for a fee.
36) Margin of Safety: This is the amount by which the existing level of output is greater than the breakeven point.
37) Cash Flow: The total cash payments (inflows) into a business minus the cash payments (outflows).
38) Debtors: These are customers who have bought products on credit and will pay cash at an agreed date in the future.
39) Credit Sales: Value of goods sold to customers who do not pay cash immediately.
40) Budgets: Financial targets for the future covering revenue and expenditure over a time period.
41) Expenditure Budget: A fixed sum of money to be spent in a given time period.
42) Income Budget: The sales revenue target for a business to achieve.
43) Delegated Budgets: Giving some control in the setting and spending of budgets to departments or individuals.
44) Profit Budget: The target profit for a business over a given period of time.
45) Business objectives: Clearly defined targets for a business to achieve over a certain period of time.
46) Profit Satisfying: Making enough profit without risking too much stress or loss of control through employment of too many professional managers.
47) Cash Flow Forecast: An estimate of a firms future cash inflows and outflows.
48) Liquidation: Turning assets into cash and may be insisted by courts.
49) Breakeven: The level of output or the amount of customers it takes to earn enough revenue to cover costs of production.
50) Stakeholder: An individual or group with an interest in a business.

If you learn all of the above you will gurantee yourself full 20 marks in the first part of the exam because thats what its based on. The second part always relate to case study and always combine data whenever you can. This will make sure you get the top grade possible.

Please thank topic. Took along time to write out.. Sticky ?

Updated: May 20, 2012
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