Business 0450 · IGCSE · Enterprise, business growth and size
Enterprise, business growth and size — practice question
Brendan hopes to become a successful entrepreneur. He intends to launch a flower shop with government support. Brendan’s brother has offered to go into a business partnership with him. Brendan understands that a new business needs an appropriate pricing method. He has already identified ways the business could raise added value. Brendan wants to find out how an economic boom may influence his business.
(a)[2]
Define the term ‘business partnership’.
(b)[2]
Identify two ways in which a government can help business start-ups.
(c)[4]
Outline two ways in which an economic boom could affect Brendan’s business.
(d)[6]
Explain two methods Brendan could use to increase added value in his business.
(e)[6]
Explain two pricing methods that a new business might use. Which one is likely to be the best method to use? Justify your answer.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Two (or more) people agree to own the business together” …