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

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AQA AS LEVEL BUSINESS 7131/AQA AS LEVEL BUSINESS7131 UNITS 1-6 LATEST UPDATED 2024 WITH VERIFIEDQUESTIONS AND CORRECT ANSWERSQuality - Is measured by the extent to which an operation meets its customerrequirementsQuality assurance - Is the maintenance of target quality by attention to detail atevery stage of the processQuality control - Is the system of maintaining standards by testing or inspectingthe output against stafndardsMass customisation - Is the term for producing on a large scale while stillenabling individual customer preferences to be metInventory - Is the goods or stock it holdsPart time staff - Work less than a full working week, for example 20 hours perweekTemporary staff - Work for a limited period of time, for example for the summeronlySupply 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 productionnormally operated by separate companiesCorporate social responsibility - Refers to the extent to which a business takesinto account its stakeholder views and accepts its obligations to society over andabove the legal requirementsOutsourcing - Is when a business uses an outside supplierFinancial objective - Goal or target pursued by the finance department (orfunction) within an organisationProfit - Measures the extent to which revenues from selling a product over sometime period exceed the costs incurred in producing itCash flow - The movement of cash into and out of a business over timeIncome statement - Records a business' sales revenue over a trading period andall relevant costs incurred as well as the business' profit or lossGross profit - Income received from sales minus the cost of goods and servicessoldDirect costs - Expenditure that can clearly be allocated to a particular product orarea of the business e.g. raw materials and componentsIndirect 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 tradingactivities and before taxationProfit for the year - A measure of a business' profits that takes into account awider range of expenditures and incomes including taxationRevenues - The earnings or income generated by a firm as a result of its tradingactivitiesObjectives - The medium to long term goals established to coordinate the businessInvestment - The purchase of assets such as property, vehicles and machinerythat will be used for a considerable time by the businessNon-current assets - Items that a business owns and which it expects to retainfor one year or longerCapital expenditure - Spending undertaken by businesses to purchase non-currentassets such as vehicles and property (it is another form of investment)Capital structure - Refers to the way in which a business has raised the capitalrequired to purchase its assetsBudgets - Financial plans that forecast revenue from sales and expected costsover a time periodVariance analysis - The process of investigating any differences between forecastdata and actual figures

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Cash flow forecasts - State the inflows and outflows of cash that the managers ofa business expect over some future periodTrade credit - The period of time given by suppliers before customers have to payfor goods and servicesBreak even output - That level of output or production at which total costs exactlyequal revenue from salesContribution - The difference between revenue and variable costsMargin of safety - Measures the amount by which a business' current level ofoutput exceeds break-even outputProfitability - A measure of financial performance that compares a business'profits to some other factors such as revenueProfit margin - A ratio that expresses a business' profit as a percentage of itsrevenues over some trading periodBig data - A term used to describe a massive volume of both organised and non-organised information that is very largePrimary market research - Gathers data for the first time for a specific purposeInternal source of finance - A source of finance that exists within the businessExternal source of finance - An injection of funds into the business fromindividuals, other businesses or financial institutions

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Short term finance - Finance needed for a limited period of time, normally lessthan one yearLong term finance - Sources of finance that are needed over a longer period oftime, usually over a yearBank loan - The amount of money provided by a business for a stated purpose inreturn for a payment in a the form of interest chargesOverdraft - Exists when a business is allowed to spend more than it holds in itscurrent bank account up to an agreed limitVenture capital - Funds advanced to businesses thought to be relatively high riskin the form of share and loan capitalShare capital - Finance invested into a company as a result of the sale of sharesin the businessMortgages - Long term loans, repaid over periods of up to 50 years, and used topurchase propertyDebentures - Loans with fixed interest rates that are long term and may not evenhave a repayment dateCrowdfunding - Practice of funding a project or venture by raising many smallamounts of money from a large number of people, typically via the internetOpportunity cost - The next best alternative that is foregone

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Trade credit - Offered when purchasers are allowed a period of time (frequently30,60 or 90 days) to pay for products they have boughtHuman resource objectives - The targets pursued by the HR function ordepartment of the businessLabour productivity - Measures the output of a firm in relation to its number ofemployeesQuality - The extent to which a product meets the customers needsEmployee engagement - Describes the connection between a business'semployees and its mission, goals and objectivesEmployee involvement - Exists in a business in which people are able to have animpact on decisions and actions that affect their working livesTraining - A process whereby an employee gains job related skills and knowledgeTalent development - The development and guidance of outstanding or staremployees who have the potential to make major contributions to anorganisation's performance and successDiversity - Recognising the differences between individual employees and also thedifferences that may exist between different groups of employeesUnit labour costs - Measure the labour cost per unit of output producedRevenue - The earnings or income generated by a firm as a result of its tradingactivities (also called turnover or sales revenue)

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