20 Exam Practice Worksheets for Edexcel A Level Business with Key Terms, Stimulus Material, Questions and Detailed Answers – Relating to The Fast Food / Take Away & Restaurant Industry (the 2021 Paper 3 Context)
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This resource consists of 20 worksheets containing key terms and stimulus material concerning over 20 different businesses / types of businesses operating in The Fast Food Take Away and Restaurant Industry, and a wide range of questions (50 including additional points to consider), with space for students to write down their answers, and comprehensive answers to the questions posed. Although the material was originally prepared for the June 2021 Paper 3 context exam, the material included provides highly useful revision and relevant exam practice for Paper 1 and Paper 2.
The author – our Director Claire Baker – is a highly experienced teacher, examiner and author of hundreds of A Level Business resources, used by thousands of teachers and students across the UK and overseas. She is highly familiar with Edexcel A Level (and GCSE) Business mark schemes, investing in CPD to ensure up-to-date, accurate knowledge and understanding of the requirements of this particular specification.
The questions largely consist of 8, 10, 12 and 20 mark questions, but also include some 2, 3 and 4-mark short-answer / calculation questions (as well as additional questions points to consider where relevant).
The 8, 10, 12 and 20 mark questions and mark scheme (level descriptors) are based on the structure, style and format of recent examinations set by Edexcel (at the time of writing the resource) for the A Level Business Paper 3 exam.
Questions cover a wide range of specification topics across all four themes (see below).
Answers are provided in paragraph form, rather than a list of relevant points anticipated to be raised in the answer.
Answers typically contain a range of examples of comments which can earn high marks in relation to the question set.
The questions relate to a wide range of topics on the Edexcel A Level Business Specification as follows:
- Theme 1: 1.1.1 The Market: Mass markets and niche markets – market size and market share; Dynamic markets – innovation and market growth; How competition affects the market. 1.2.1 Demand: Factors leading to a change in demand. 1.2.2 Supply: Factors leading to a change in supply – changes in the costs of production; external shocks. 1.2.4 Price elasticity of demand: Calculation of price elasticity of demand; Interpretation of numerical values of price elasticity of demand. 1.2.5 Income elasticity of demand. 1.3.1 Product / service design: Design mix; Changes in the elements of the design mix to reflect social trends – concern over resource depletion: designing for waste minimisation, re-use and recycling; ethical sourcing. 1.3.2 Branding and promotion. 1.3.3 Pricing strategies: Types of pricing strategy – cost plus (calculating mark-up on unit cost); Factors that determine the most appropriate pricing strategy for a particular situation – costs and the need to make a profit. 1.3.4 Distribution: Changes in distribution to reflect social trends – online distribution. 1.3.5 Marketing strategy: Consumer behaviour – how businesses develop customer loyalty. 1.4.1 Approaches to staffing – Flexible workforce: part-time and temporary. 1.4.4 Motivation in theory and practice: Motivation theories; Financial incentives – profit share; Non-financial techniques – consultation, empowerment. 1.5.3 Business objectives. 1.5.4 Forms of business: Sole Trader, Private limited company (Ltd), Franchising. 1.5.5 Business choices. 1.5.6 Moving from an entrepreneur to a leader.
- Theme 2: 2.1.2 External finance: Sources of finance – Crowd funding. 2.2.1 Sales forecasting. 2.2.2 Sales, revenue and costs: fixed and variable costs. 2.2.3 Break-even. 2.2.4 Budgets: Purpose of budgets; difficulties of budgeting 2.3.1 Profit. 2.3.3 Business failure: Internal and external causes of business failure – financial factors and non-financial factors. 2.4.1 Production, productivity and efficiency: Methods of production; Productivity; Efficiency – capital intensive production. 2.4.2 Capacity utilisation: Calculation. 2.4.3 Stock control: Waste minimisation. 2.5.1 Economic influences: The effect on businesses of changes in inflation (Other relevant topics drawn upon. 2.5.2 Legislation: The effects on businesses of: consumer protection; environmental protection; health and safety (legislation). 2.5.3 The competitive environment: Competition and market size.
- Theme 3: 3.1.4 Impact of external influences: PESTLE (political, economic, social, technological, legal & environmental); The changing competitive environment. 3.2.1 Growth: Objectives of growth; Problems arising from growth. 3.2.2 Mergers and takeovers: Problems of rapid growth. 3.2.4 Reasons for staying small – Small business survival in competitive markets. 3.3.2 Investment appraisal: Simple payback; Average (Accounting) Rate of Return; Calculation and interpretation; Limitations. 3.4.4 Business ethics: Ethics of strategic decisions; Corporate Social Responsibility (CSR). 3.5.3 Human resources: Calculate labour turnover and retention; HR strategies – to increase retention and reduce turnover – financial rewards, consultation strategies, empowerment strategies. 3.6.1 Causes and effects of change: Possible effects on competitiveness 4.2 Global markets and business expansion.
- Theme 4: 4.2.1 Conditions that prompt trade: Push factors – saturated markets, competition; Pull factors – economies of scale, risk spreading. 4.2.3 Assessment of a country as production location: Factors to consider – costs of production; government incentives. 4.2.5 Global competitiveness: skill shortages. 4.4.1 The impact of MNCs – on the local and national economy. 4.4.2 Ethics: Stakeholder conflicts; Environmental considerations – emissions, waste disposal; Supply chain considerations.