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2024 AQA Management Practice Exam With Answers (209 Solved Questions)

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    AQA AS LEVEL BUSINESS 7131/AQA AS LEVEL BUSINESS 7131 UNITS 1-6 LATEST UPDATED 2024 WITH VERIFIED QUESTIONS AND CORRECT ANSWERS Quality - Is measured by the extent to which an operation meets its customer requirements Quality assurance - Is the maintenance of target quality by attention to detail at every stage of the process Quality control - Is the system of maintaining standards by testing or inspecting the output against stafndards Mass customisation - Is the term for producing on a large scale while still enabling individual customer preferences to be met Inventory - Is the goods or stock it holds Part time staff - Work less than a full working week, for example 20 hours per week Temporary staff - Work for a limited period of time, for example for the summer only Supply chain - Refers to all of the providers of resources (such as money, people, finance, machinery, equipment) at different stages of the operations process

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    Vertical integration - Is the combination of two or more stages of production normally operated by separate companies Corporate social responsibility - Refers to the extent to which a business takes into account its stakeholder views and accepts its obligations to society over and above the legal requirements Outsourcing - Is when a business uses an outside supplier Financial objective - Goal or target pursued by the finance department (or function) within an organisation Profit - Measures the extent to which revenues from selling a product over some time period exceed the costs incurred in producing it Cash flow - The movement of cash into and out of a business over time Income statement - Records a business' sales revenue over a trading period and all relevant costs incurred as well as the business' profit or loss Gross profit - Income received from sales minus the cost of goods and services sold Direct costs - Expenditure that can clearly be allocated to a particular product or area of the business e.g. raw materials and components Indirect costs - Expenditure that relates to all aspects of a business' activities, such as maintenance costs for buildings or senior managers' salaries

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    Operating profit - The financial surplus arising from a business' normal trading activities and before taxation Profit for the year - A measure of a business' profits that takes into account a wider range of expenditures and incomes including taxation Revenues - The earnings or income generated by a firm as a result of its trading activities Objectives - The medium to long term goals established to coordinate the business Investment - The purchase of assets such as property, vehicles and machinery that will be used for a considerable time by the business Non-current assets - Items that a business owns and which it expects to retain for one year or longer Capital expenditure - Spending undertaken by businesses to purchase non-current assets such as vehicles and property (it is another form of investment) Capital structure - Refers to the way in which a business has raised the capital required to purchase its assets Budgets - Financial plans that forecast revenue from sales and expected costs over a time period Variance analysis - The process of investigating any differences between forecast data and actual figures

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    Cash flow forecasts - State the inflows and outflows of cash that the managers of a business expect over some future period Trade credit - The period of time given by suppliers before customers have to pay for goods and services Break even output - That level of output or production at which total costs exactly equal revenue from sales Contribution - The difference between revenue and variable costs Margin of safety - Measures the amount by which a business' current level of output exceeds break-even output Profitability - A measure of financial performance that compares a business' profits to some other factors such as revenue Profit margin - A ratio that expresses a business' profit as a percentage of its revenues over some trading period Big data - A term used to describe a massive volume of both organised and non- organised information that is very large Primary market research - Gathers data for the first time for a specific purpose Internal source of finance - A source of finance that exists within the business External source of finance - An injection of funds into the business from individuals, other businesses or financial institutions

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    Short term finance - Finance needed for a limited period of time, normally less than one year Long term finance - Sources of finance that are needed over a longer period of time, usually over a year Bank loan - The amount of money provided by a business for a stated purpose in return for a payment in a the form of interest charges Overdraft - Exists when a business is allowed to spend more than it holds in its current bank account up to an agreed limit Venture capital - Funds advanced to businesses thought to be relatively high risk in the form of share and loan capital Share capital - Finance invested into a company as a result of the sale of shares in the business Mortgages - Long term loans, repaid over periods of up to 50 years, and used to purchase property Debentures - Loans with fixed interest rates that are long term and may not even have a repayment date Crowdfunding - Practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the internet Opportunity cost - The next best alternative that is foregone

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    Trade credit - Offered when purchasers are allowed a period of time (frequently 30,60 or 90 days) to pay for products they have bought Human resource objectives - The targets pursued by the HR function or department of the business Labour productivity - Measures the output of a firm in relation to its number of employees Quality - The extent to which a product meets the customers needs Employee engagement - Describes the connection between a business's employees and its mission, goals and objectives Employee involvement - Exists in a business in which people are able to have an impact on decisions and actions that affect their working lives Training - A process whereby an employee gains job related skills and knowledge Talent development - The development and guidance of outstanding or star employees who have the potential to make major contributions to an organisation's performance and success Diversity - Recognising the differences between individual employees and also the differences that may exist between different groups of employees Unit labour costs - Measure the labour cost per unit of output produced Revenue - The earnings or income generated by a firm as a result of its trading activities (also called turnover or sales revenue)

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