BUSS1 / BUSS2 Exam TechniqueA

Ahaa about point 3 lol alryt. But it was an anlysis question on the june 2013 paper. How many marks would u give it? It was out of 10

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can someone tell me if this essay would be good for full marks for the analyse question?

An income budget is the agreed planned sales (I'd use 'Revenue') of a business over a particular period of time. There could be quite a few problem with Akanni being able to produce an accurate income budget in option B. But why? (No Rhetorical questions) Essentially there is not fixed guarantee on the level of demand for his products i.e. he is just relies on word of mouth advertising (I can't see where you got this idea from... Although somewhat unreliable, the Quantitative Data came from the USA Research). He knows there is a demand for his product amongst his family and those gluten intolerant however it is insufficient as there is no numerical data to produce a income budget i.e. to show how sales revenue he would make ( how many products will actually be sold) (Again, there is numerical data! You need to criticise the USA Research). This is not helped by the fact he has no experience making his income budget of sales being between £360,000 in the first year too £500,000. These seem highly unrealistic (This should have gone before 'because he has no experience of creating Income Budgets') and seem to come from no where therefore making it difficult for him to budget the income correctly once again. In addition to this he has no market research actually correlating to the level of price or a numerical level of price in which people are likely to pay if he sold the products directly further adding to the difficult of forming an income budget. Since if he does not have any idea of the most probable level of price at people are willing to pay how can he form a income budget since he would not know if people would buy it. There is also the factor he does not know if consumer like his products or not (Research already suggested that prompt delivery and friendliness was more important than taste/quality). I.e. they may be desperate for his products i.e. gluten free but when they taste his products and they taste of poo (I don't even know what made you think this was acceptable in an exam) well there will be a major negative change in the tastes of consumers towards his products in which case the demand of his products will fall sharly= less quantity of units sold hence affecting the total sales revenue and therefore the income budget. This changing in the tastes itself makes it difficult to draw up the income budget too since as he has no identified the consumers tastes therefore cannot predict whether they will sell. (Didn't understand this)

Does anyone have any notes on all the definitions we need to know??

Ahaa about point 3 lol alryt. But it was an anlysis question on the june 2013 paper. How many marks would u give it? It was out of 10

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You definitely want to have a glance over the definitions and make sure you're confident. Any key terminology definitely helps with definitions (Y)

As for choosing what to revise, I've found it's all in the structure of what you write, because in the exam, if you look at past papers and see what they mark you on, it's always about GAP and GAN. My Business teacher is always telling my class about it.

Another key thing in your exam is they always most definitely test you on your formulas. On BUSS1, they are always sure to test you on Breakeven. (I used to hate it so much last year, it's a complete nightmare!) The obvious formula for this is:

Fixed Costs
--------------- = Number of Sales need to breakeven
Contribution per unit

Contribution per unit is equal to your Selling price - your variable costs. It's called contribution as it's the money you pay to cover your fixed costs from what you've made from the sale.

I can post a few more but it's down right winded. I'll try and make a resource so that it's all on one sheet if you like. Hope that all helps. Just reply if you want the sheet/resource thingy. Thumbs up if this helps

What do you mean by GAP and GAN?