TERM 4 Exemplar end-of-year examination
SECTION A QUESTION 1
Use the words from the list below to insert the missing words. Write only the number of the question and the correct word.
assets, bank, budget, capital, expenses, financial records, income, loss, personal, profit, savings, transaction.
A (1.1) money from their (1.2) to open a (1.5) QUESTION 2
Select the correct word from those underlined. Write only the number of the question and the correct word.
Capital is used to purchase (2.1)assets/liabilities and pay (2.2) income/ expenses to get the business running. At the end of a specific period of time, usually a year, the owner will draw up (2.3) cash budget/financial records to calculate whether the business has made a profit or loss. If the owner has to take a loan from the bank this will be classed as an (2.4) asset/liability. A business should use a (2.5) cash budget/income statement to manage their income efficiently.
(10) QUESTION 3
Identify whether the following statements are true or false. Write only the word ‘True’ or ‘False’ next to the question number. 3.1 A SWOT analysis helps an entrepreneur decide whether their new business idea will work.
3.2 Advertising is a way to sell products but marketing is about identifying the customer and making sure the customer’s needs are met.
3.3 Fixed costs are directly linked to the product e.g. each skirt made needs one zip.
3.4 Market research is only done by large businesses as it is expensive.
is a document that enables a person to save income which could be
salaries and wages. To start a business some of these savings can be used as (1.3)
. The first (1.4) account.
will be (10)
Term 4 Exemplar end-of-year examination 151
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