GCSE Business Studies
GCSE Business Studies Edexcel 2BS01 (full course) Edexcel 3BS01 (short course)
Unit 1: Introduction to a small business (externally assessed, multiple choice and objective questions, 45 minutes)
Unit 2: Investing small business (controlled assessment, internally assessed, externally moderated)
Unit 3: Building a business (externally assessed, written exam, 1 hour 30 minutes)
Unit 6: Introduction to a small business (externally assessed, multiple choice, objective test and extended answer question, 45 minutes)
The full course consists of units 1, 2 and 3 The short course consists of unit 2 and 6
Writing your revision plan Summarise each topic into short points. To make notes on a topic you will need to:
Read the topic carefully Highlight the key point in the topic Identify the important information in each point Decide how to summarise each point into a short sentence so it is easy to remember.
Here is an example (not complete, you can do the rest) for Unit 1: Forecasting cash flows Revision points: – – – – – Etc
Cash is notes and coins and money in the bank Cash flow is the flow of money into and out of a business Inflows (receipts) are cash coming into the business from owners, loans or cash from sales Outflows (payments) are cash leaving the business to pay for wages, equipment, bills and materials Net cash flow is calculated by inflows ….
Important tips for forecasting cash flows: In the exam, you will be asked to make calculations in a cash flow forecast by filling in the gaps. You will need to know the following formulae: 1. 2. 3. 4. 5.
Total receipts = add up all the inflows of cash to the business Total payments = add up all the outflows of cash to the business Net cash flow = inflows – outflows Opening balance = closing balance from the last period Closing balance = opening balance + net cash flow
You could be asked to comment on the cash flow position of businesses, state what problems/issues arise and explain how a business might be able to deal with this situation it faces. Consider the scenario for the business eg a sole trader cannot bring more money into the business by selling more shares, an ice cream seller may have a seasonal cash flow problem etc.
Memory tips In the exam, you will need to remember important facts, information and data that will help you answer the exam questions. Some of these will be a list of terms such as: – – – – – –
Names of sources of short term finance The stakeholders of a business The methods of primary and secondary market research The main sources of value added The advantages and disadvantages of a franchise in starting up a business The qualities shown by entrepreneurs when starting up a business
Memory tips – mnemonics This is a word made up from the first letters of the terms you want to remember – some well known ones in business are: – PESTLE – Political, Economic, Social, Technological, Legal and Environmental factors affecting a business – SWOT – Strengths, Weaknesses, Opportunities and Threats – 4 Ps of marketing – Product, price, Place, Promotion Make up your own! Memory tips – visual presentation – –
Draw diagrams to help you remember Use a mind map
What does the examiner mean? Which of the following is … select one answer Which two of the following are… Which of the following is most likely to… Which of the following is not… Fill in the blanks What is meant by… Identify…
State… Describe… Explain… Analyse…
Assess…
Do you think… What is the most important… To what extent…
Evaluate… Justify… Write a report…
You need to identify the correct response from a selection of options. You need to identify the two correct responses from a selection of options. The key is ‘most likely’ meaning there is more than one option – you have to decide which is the most likely. Spot the negative option from a list – read the options very carefully! This may require you to do some calculations such as in a cash flow. You will need to give a definition of a key term in business studies – an example to support the definition is usually worth giving. This type of question requires only a one word answer or a short phrase or sentence. it test knowledge and understanding and may require you to get the information from the text. Similar to identify – usually a one word answer is needed. Give the main characteristics of a topic or issue. Describe the issue, term etc giving reasons or features. Break down the topic or issue into manageable parts to help explain what is going on, how something works, what relationships may exist and what assumptions might be made. Offer a judgement on the importance, significance, relevance and value of something with reasons why you have made such a judgement. Asking you to make a judgement which requires support and reasons to be given for the judgement. Make a judgement and offer support for the judgement. Explain why one factor is more important than another and why. Is the issue very, very important/significant, quite important/significant, moderately important/significant, not very significant/important at all – why? Arrive at a judgement – support your reasoning Offer support and reasons for the judgement you have made and why. A report might consist of advantages and disadvantages, key feature, summaries and judgements about the value of option against others.
Resources For the full specification www.edexcel.com For general business studies resources SAM learning BBC Bitesize www.businessstudiesonline.com www.tutor2u.net For class resources go the the Verulam School Central Resources Library, Economics/Business Studies and find the GCSE Business Studies notes which your teacher has put on for you. There are class notes, model answers, power point presentations.
Unit 1: Introduction to a small business (externally assessed, multiple choice and objective questions, 45 minutes)
Unit 2: Investing small business (controlled assessment, internally assessed, externally moderated)
Unit 3: Building a business (externally assessed, written exam, 1 hour 30 minutes)
Unit 6: Introduction to a small business (externally assessed, multiple choice, objective test and extended answer question, 45 minutes)
The full course consists of units 1, 2 and 3 The short course consists of unit 2 and 6
Writing your revision plan Summarise each topic into short points. To make notes on a topic you will need to:
Read the topic carefully Highlight the key point in the topic Identify the important information in each point Decide how to summarise each point into a short sentence so it is easy to remember.
Here is an example (not complete, you can do the rest) for Unit 1: Forecasting cash flows Revision points: – – – – – Etc
Cash is notes and coins and money in the bank Cash flow is the flow of money into and out of a business Inflows (receipts) are cash coming into the business from owners, loans or cash from sales Outflows (payments) are cash leaving the business to pay for wages, equipment, bills and materials Net cash flow is calculated by inflows ….
Important tips for forecasting cash flows: In the exam, you will be asked to make calculations in a cash flow forecast by filling in the gaps. You will need to know the following formulae: 1. 2. 3. 4. 5.
Total receipts = add up all the inflows of cash to the business Total payments = add up all the outflows of cash to the business Net cash flow = inflows – outflows Opening balance = closing balance from the last period Closing balance = opening balance + net cash flow
You could be asked to comment on the cash flow position of businesses, state what problems/issues arise and explain how a business might be able to deal with this situation it faces. Consider the scenario for the business eg a sole trader cannot bring more money into the business by selling more shares, an ice cream seller may have a seasonal cash flow problem etc.
Memory tips In the exam, you will need to remember important facts, information and data that will help you answer the exam questions. Some of these will be a list of terms such as: – – – – – –
Names of sources of short term finance The stakeholders of a business The methods of primary and secondary market research The main sources of value added The advantages and disadvantages of a franchise in starting up a business The qualities shown by entrepreneurs when starting up a business
Memory tips – mnemonics This is a word made up from the first letters of the terms you want to remember – some well known ones in business are: – PESTLE – Political, Economic, Social, Technological, Legal and Environmental factors affecting a business – SWOT – Strengths, Weaknesses, Opportunities and Threats – 4 Ps of marketing – Product, price, Place, Promotion Make up your own! Memory tips – visual presentation – –
Draw diagrams to help you remember Use a mind map
What does the examiner mean? Which of the following is … select one answer Which two of the following are… Which of the following is most likely to… Which of the following is not… Fill in the blanks What is meant by… Identify…
State… Describe… Explain… Analyse…
Assess…
Do you think… What is the most important… To what extent…
Evaluate… Justify… Write a report…
You need to identify the correct response from a selection of options. You need to identify the two correct responses from a selection of options. The key is ‘most likely’ meaning there is more than one option – you have to decide which is the most likely. Spot the negative option from a list – read the options very carefully! This may require you to do some calculations such as in a cash flow. You will need to give a definition of a key term in business studies – an example to support the definition is usually worth giving. This type of question requires only a one word answer or a short phrase or sentence. it test knowledge and understanding and may require you to get the information from the text. Similar to identify – usually a one word answer is needed. Give the main characteristics of a topic or issue. Describe the issue, term etc giving reasons or features. Break down the topic or issue into manageable parts to help explain what is going on, how something works, what relationships may exist and what assumptions might be made. Offer a judgement on the importance, significance, relevance and value of something with reasons why you have made such a judgement. Asking you to make a judgement which requires support and reasons to be given for the judgement. Make a judgement and offer support for the judgement. Explain why one factor is more important than another and why. Is the issue very, very important/significant, quite important/significant, moderately important/significant, not very significant/important at all – why? Arrive at a judgement – support your reasoning Offer support and reasons for the judgement you have made and why. A report might consist of advantages and disadvantages, key feature, summaries and judgements about the value of option against others.
Resources For the full specification www.edexcel.com For general business studies resources SAM learning BBC Bitesize www.businessstudiesonline.com www.tutor2u.net For class resources go the the Verulam School Central Resources Library, Economics/Business Studies and find the GCSE Business Studies notes which your teacher has put on for you. There are class notes, model answers, power point presentations.
