Point/Knowledge

Application

Analysis

Evaluation

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From 2023 Specimen Paper 1

SECTION A

1 (a) Define the term ‘secondary research’. [2]

The Collection of data from second-hand sources. Those are not directly related to a firm’s needs.

(b) Explain one advantage to a business of data collected using primary research methods. [3]

Primary research methods may produce data that will be more up-to-date than data from secondary sources – may therefore be more useful to a business as data is more accurate.

2 (a) Define the term ‘sustainability’. [2]

Production systems that prevent waste – by using the minimum of non-renewable resources.

(b) Explain one reason why a manufacturing business might take measures to improve the sustainability of its operations. [3] (Apply to manufacturing business)

a manufacturing business might take measures to improve the sustainability of its operations to improve company image as more people are becoming willing to value sustainable business activities – and to value and support eco-friendly practices, e.g. green consumerism

3 (a) Define the term ‘zero budgeting’. [2]

An approach to budgeting that sets budgets to zero each year – not from the current year’s levels

(b) Explain one benefit to a business of using budgets. [3]

A budget is a detailed financial plan for the future. Budgets require budget holders to consider their future financial requirements – and to set realistic financial targets