Learning Objectives • What’s in the exam • Exam tips – go up a grade the easy way • Revision tips
What’s in the exam? • It is based on Lathom’s Dairy farm • You get a FRESH shiny new copy of the case study in the exam to play with. You can’t take your own in because you may have written clever things on it.
What’s in the exam? • The examiner will ask you questions based on your business topics in relation to Lathom’s Dairy • Q: How might a growth in population affect the demand for Lathom’s cheese? A: The demand might rise, this will depend on how much people dine out, and of course the number of people that like cheese. Lathom’s also supply restaurants so it will also depend on the number of people that eat out, and the number of restaurants still trading during the rescission.
Say that again.... Lathom’s Dairy + Business Knowledge = Exam Questions
What are the topic areas?Take notes • Using and managing resources to produce goods and services • Types of production methods • Management and control of production • Production costs • Financial information and decision making • Sources of finance • Financial forecasting and analysis • External influences on business activity • The competitive environment • Environmental influences and business ethics • Government and the UK economy • Globalisation and UK business
Instructions • The next few slides have all the topics on them that might come up in the exam. • Make notes of each topic area and then make your own notes AND also what you think the link with Lathom’s Dairy might be because... Lathom’s Dairy + Business Knowledge = Exam Questions
Types of production methods • Job batch flow • Adding value
Management and control of production • Methods of increasing efficiency in production, how businesses can get better at producing stuff, making things cheaper etc.
Production costs • Fixed variable and average costs (calcs) • Economies and diseconomies of scale • Break-even and evaluation of break-even as a tool (calcs)
Sources of finance • Why does a business need finance? • What are the different types of finance? • Can you discuss the types ands evaluate their suitability for the business?
Financial forecasting and analysis • Cash flow (calcs) • How would you deal with a cash flow problem? • Revenue and profit data (calcs)
The competitive environment • Monopolies and competitive markets • Competitive environment • Why does the government promote competition?
Environmental influences and business ethics • How business uses the environment as a resource • Environmental responsibility • Sustainability • Business ethics • Social costs and benefits
Government and the UK economy • Govt spending and taxation • Interest rates • Consumer incomes • Employment • Population and its effect on business
Globalisation and UK business • Globalisation • Trading with Europe • International trade • Exchange rates (calcs)
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