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actions, resources and finance required to pursue those goals."},{"text":"Market research","correct":false,"explanation":"Market research gathers information about customers and competitors rather than deciding the business’s overall actions and resources. The correct term is Business planning."},{"text":"Cash-flow forecasting","correct":false,"explanation":"Cash-flow forecasting predicts money entering and leaving the business, but it does not cover all intended actions and resources. The correct term is Business planning."},{"text":"Financial accounting","correct":false,"explanation":"Financial accounting records and reports financial transactions rather than setting future goals and actions. The process described is Business planning."}]},{"id":"bfd4c876-f175-4178-82ff-98ec3b2db71a","cardType":"cloze","points":null,"front":"An [ ] is a broad long-term goal; an [ ] is a specific target.","back":"An aim is a broad long-term goal; an objective is a specific target.","mcqOptions":[{"text":"An aim is a broad long-term goal; an objective is a specific target.","correct":true,"explanation":"An aim states the broad direction a business wants to follow, while an objective translates that direction into a specific target to achieve."},{"text":"An objective is a broad long-term goal; an aim is a specific target.","correct":false,"explanation":"This reverses the two terms. An aim is the broad long-term goal, whereas an objective is a more specific target supporting that aim."},{"text":"An strategy is a broad long-term goal; an aim is a specific target.","correct":false,"explanation":"A strategy explains how a goal will be pursued, rather than being the broad goal itself. The correct terms are aim and objective, respectively."},{"text":"An objective is a broad long-term goal; a strategy is a specific target.","correct":false,"explanation":"An objective is a specific target, while a strategy is a method for achieving goals. The broad long-term goal is an aim."}]},{"id":"526d8c18-8b9a-4fd0-ba67-c7b53aa8606d","cardType":"basic","points":2,"front":"Why plan business activity before committing money and time?","back":"To spot problems early before they become costly.","mcqOptions":[{"text":"To spot problems early before they become costly.","correct":true,"explanation":"Planning can reveal weaknesses and potential difficulties before resources are committed, allowing the business to respond while changes are still less expensive."},{"text":"To guarantee business success before any money is spent.","correct":false,"explanation":"Planning can reduce uncertainty but cannot guarantee success because market conditions and unexpected events may change. Its benefit is spotting problems early before they become costly."},{"text":"To avoid market research before making key decisions.","correct":false,"explanation":"Planning should use market research rather than replace it, because evidence improves decisions. Its purpose is to spot problems early before they become costly."},{"text":"To remove all uncertainty before starting business activity.","correct":false,"explanation":"No plan can remove every uncertainty because future events cannot be predicted perfectly. Planning instead helps spot problems early before they become costly."}]},{"id":"fc8f0f8b-e91b-49eb-a49b-7cbaf64a0c01","cardType":"cloze","points":null,"front":"[ ] is the chance that something may go wrong and harm the business.","back":"Risk is the chance that something may go wrong and harm the business.","mcqOptions":[{"text":"Risk","correct":true,"explanation":"Risk is the possibility that an event or decision may have harmful consequences for the business, such as financial loss or reduced sales."},{"text":"Profit","correct":false,"explanation":"Profit is the financial surplus remaining when total costs are subtracted from revenue. The chance of something going wrong and causing harm is Risk."},{"text":"Revenue","correct":false,"explanation":"Revenue is the income earned from sales before costs are deducted, not the possibility of harm. The correct term for that chance is Risk."},{"text":"Growth","correct":false,"explanation":"Growth means an increase in measures such as sales, market share or business size. The possibility that something harmful may happen is Risk."}]},{"id":"f2bcb802-5d2d-49ba-b348-763f3771a6c0","cardType":"basic","points":1,"front":"What should a business plan do to risk?","back":"It should reduce risk, not remove it.","mcqOptions":[{"text":"It should reduce risk, not remove it.","correct":true,"explanation":"Planning identifies possible problems and prepares responses, making harmful outcomes less likely or less serious. It cannot remove risk because the future remains uncertain."},{"text":"It should remove risk, not reduce it.","correct":false,"explanation":"This assumes planning can eliminate uncertainty completely, which is impossible because unexpected events can still occur. A business plan should reduce risk, not remove it."},{"text":"It should increase risk, not control it.","correct":false,"explanation":"Increasing risk would make harmful outcomes more likely and conflicts with the purpose of planning. A business plan should reduce risk, although it cannot remove it."},{"text":"It should ignore risk, not review it.","correct":false,"explanation":"Ignoring possible threats leaves the business unprepared and makes losses more likely. A business plan should identify and reduce risk rather than remove it entirely."}]},{"id":"c3a502ba-16aa-462c-8501-bd0abdbe978a","cardType":"basic","points":2,"front":"How can planning reduce the risk of lower-than-expected sales?","back":"It plans how the business will respond.","mcqOptions":[{"text":"It plans how the business will respond.","correct":true,"explanation":"Planning prepares actions for disappointing sales, such as reducing costs or changing promotion, so managers can respond quickly and limit the harm."},{"text":"It assumes the sales forecast will be met.","correct":false,"explanation":"Treating the forecast as certain leaves the business unprepared if demand is weaker than expected. Planning reduces risk by deciding how the business will respond."},{"text":"It increases fixed costs before sales begin.","correct":false,"explanation":"Higher fixed costs make low sales more damaging because those costs must still be paid. Planning should instead establish how the business will respond."},{"text":"It orders the maximum possible stock.","correct":false,"explanation":"Ordering excessive stock increases storage costs and the risk of unsold goods when sales are low. Planning should set out how the business will respond."}]},{"id":"aaf9f956-8915-4234-b178-3f021617b398","cardType":"cloze","points":null,"front":"A [ ] is a written document explaining the idea, aims, market, resources and finance required.","back":"A business plan is a written document explaining the idea, aims, market, resources and finance required.","mcqOptions":[{"text":"business plan","correct":true,"explanation":"A business plan brings together the business idea, aims, market analysis, required resources and financial information in one written document."},{"text":"cash-flow forecast","correct":false,"explanation":"A cash-flow forecast predicts future cash inflows and outflows but does not explain the entire idea, market and resource requirements. The correct term is business plan."},{"text":"market research report","correct":false,"explanation":"A market research report presents findings about customers and competitors but does not cover all aims, resources and finance. The document described is a business plan."},{"text":"balance sheet","correct":false,"explanation":"A balance sheet shows a business’s assets, liabilities and equity at a particular time. The broader document covering the proposed business is a business plan."}]},{"id":"d7f1de7b-8af3-44ff-b67a-a7c01a9d8171","cardType":"basic","points":1,"front":"Name one situation where an established business may use a plan.","back":"Any one: launching a new product, opening a branch or expanding.","mcqOptions":[{"text":"Any one: launching a new product, opening a branch or expanding.","correct":true,"explanation":"Each situation involves significant change, resources and financial commitment, so an established business may use a plan to assess feasibility and reduce risk."},{"text":"Any one: recording past sales, filing paid invoices or counting yesterday’s takings.","correct":false,"explanation":"These are routine record-keeping tasks rather than major future decisions requiring a business plan. Suitable situations include launching a new product, opening a branch or expanding."},{"text":"Any one: paying routine wages, locking the premises or answering customer emails.","correct":false,"explanation":"These are normal operational tasks, not significant business developments requiring a formal plan. Planning is appropriate when launching a product, opening a branch or expanding."},{"text":"Any one: issuing a receipt, checking a bank statement or updating staff contact details.","correct":false,"explanation":"These administrative activities do not involve the scale of decision addressed by a business plan. An established business may plan a new product, branch or expansion."}]},{"id":"7160fd21-153e-4023-908e-bd10f0c80486","cardType":"basic","points":1,"front":"In a plan, what is being identified when it asks who may buy the product?","back":"The market.","mcqOptions":[{"text":"The market.","correct":true,"explanation":"A market is the group of customers who may buy a product. Identifying it helps the business understand its potential customers and make suitable marketing decisions."},{"text":"The business location.","correct":false,"explanation":"A location concerns where the business operates, not who may buy from it. The correct answer is the market, meaning the group of potential customers."},{"text":"The product range.","correct":false,"explanation":"A product range describes what the business sells, rather than the customers it aims to serve. The correct answer is the market, which identifies potential buyers."},{"text":"The level of demand.","correct":false,"explanation":"Demand measures how much customers want a product, but the question focuses on identifying those customers. The correct answer is the market, or group of potential buyers."}]},{"id":"4585bd47-34b3-41fb-951f-149c1dc3023f","cardType":"basic","points":1,"front":"What customer assumption should a business plan avoid?","back":"Assuming everyone is its customer.","mcqOptions":[{"text":"Assuming everyone is its customer.","correct":true,"explanation":"A business should identify a specific target market rather than assume everybody will buy. Different customers have different needs, incomes and preferences."},{"text":"Assuming customers will pay any price.","correct":false,"explanation":"This is an unrealistic pricing assumption, but the key customer mistake is believing the whole population will buy. The correct answer is assuming everyone is its customer."},{"text":"Assuming demand will never change.","correct":false,"explanation":"Demand can change because of trends, incomes or competitors, but this is not the specific customer assumption being tested. The correct answer is assuming everyone is its customer."},{"text":"Assuming competitors have no customers.","correct":false,"explanation":"Ignoring competitors is risky, but it does not describe the main mistake about defining customers. The correct answer is assuming everyone is its customer."}]},{"id":"e7c5f622-c7e4-40d7-8959-69ff58ee7e98","cardType":"basic","points":2,"front":"How can identifying a market improve sales decisions?","back":"It helps choose suitable products, prices and promotion.","mcqOptions":[{"text":"It helps choose suitable products, prices and promotion.","correct":true,"explanation":"Knowing the market reveals customer needs and spending patterns, allowing the business to select an appropriate product, price and promotional method."},{"text":"It helps choose suitable products, wages and profits.","correct":false,"explanation":"Wages and profits are not the three main marketing decisions based on identifying a market. The correct answer concerns suitable products, prices and promotion."},{"text":"It helps choose suitable prices, premises and staffing.","correct":false,"explanation":"Premises and staffing are resource decisions, not the main sales decisions linked to market identification. The correct answer is choosing suitable products, prices and promotion."},{"text":"It helps choose suitable products, suppliers and finance.","correct":false,"explanation":"Suppliers and finance support operations but do not directly describe the key sales decisions. The correct answer is choosing suitable products, prices and promotion."}]},{"id":"831420fb-190c-4359-8a25-5d66b5e91cfd","cardType":"basic","points":3,"front":"What finance information should a plan show lenders?","back":"

Amount of money needed.
Use of the money.
Repayment/return expected.

","mcqOptions":[{"text":"

Amount of money needed.
Use of the money.
Repayment/return expected.

","correct":true,"explanation":"Lenders need to know how much finance is required, what it will fund and how repayment or return will be made. This helps them judge risk."},{"text":"

Source of customers needed.
Use of the money.
Repayment/return expected.

","correct":false,"explanation":"The first point should quantify the finance required, not identify customers. The correct information is the amount needed, its use and the repayment or return expected."},{"text":"

Amount of money needed.
Profit from the money.
Repayment/return expected.

","correct":false,"explanation":"Finance must be linked to its planned use, not simply the profit it might produce. The correct plan shows the amount needed, use of the money and expected repayment or return."},{"text":"

Amount of money needed.
Use of the money.
Sales expected.

","correct":false,"explanation":"Expected sales do not explain directly how the lender will receive money back. The correct information includes the amount needed, its use and the repayment or return expected."}]},{"id":"20ee0c7d-b740-40f8-8a14-e49e2fec8574","cardType":"basic","points":2,"front":"Why might a bank take a business more seriously with a clear plan?","back":"It can judge whether the business can generate sales and manage costs.","mcqOptions":[{"text":"It can judge whether the business can generate sales and manage costs.","correct":true,"explanation":"A clear plan gives the bank evidence about expected revenue and spending. This helps it assess whether the business can operate successfully and repay finance."},{"text":"It can judge whether the business can avoid all competition and guarantee profits.","correct":false,"explanation":"No business can remove competition or guarantee profits. Banks instead assess whether the business can generate sales and manage costs, supporting successful operation and repayment."},{"text":"It can judge whether the business can increase prices and eliminate costs.","correct":false,"explanation":"Businesses cannot normally eliminate all costs, and higher prices may reduce demand. The correct assessment is whether the business can generate sales and manage costs."},{"text":"It can judge whether the business can attract staff and expand premises.","correct":false,"explanation":"Staff and premises may matter, but they do not by themselves show financial viability. The correct answer focuses on generating sales and managing costs."}]},{"id":"98ca4c4b-7e28-47f9-8297-366d95f4af1b","cardType":"basic","points":1,"front":"In a plan, what is being identified when it lists staff, equipment, premises and suppliers?","back":"The business’s resources.","mcqOptions":[{"text":"The business’s resources.","correct":true,"explanation":"Staff, equipment, premises and suppliers are resources because they are inputs the business needs to operate and produce goods or services."},{"text":"The business’s objectives.","correct":false,"explanation":"Objectives are targets the business wants to achieve, not the inputs needed to operate. The correct answer is resources, including staff, equipment, premises and suppliers."},{"text":"The business’s customers.","correct":false,"explanation":"Customers buy the product but are not the staff, equipment, premises and suppliers listed in the plan. The correct answer is the business’s resources."},{"text":"The business’s competitors.","correct":false,"explanation":"Competitors are rival businesses in the market, whereas the listed items support the business’s own operations. The correct answer is the business’s resources."}]},{"id":"3687be8b-e889-4991-8d6b-c5b0d4f9eb30","cardType":"basic","points":2,"front":"How does identifying resources before trading help operations?","back":"It helps avoid delays, wasted money or poor customer service.","mcqOptions":[{"text":"It helps avoid delays, wasted money or poor customer service.","correct":true,"explanation":"Planning resources in advance ensures the business has what it needs when trading starts. This reduces operational delays, unnecessary spending and service problems."},{"text":"It helps avoid competition, taxation or changing demand.","correct":false,"explanation":"Resource planning cannot remove external pressures such as competition, tax or changing demand. The correct answer is avoiding delays, wasted money or poor customer service."},{"text":"It helps avoid advertising, sales targets or staff training.","correct":false,"explanation":"These activities may still be necessary for success and are not problems solved by identifying resources. The correct answer is avoiding delays, wasted money or poor customer service."},{"text":"It helps avoid profits, investment or customer feedback.","correct":false,"explanation":"A business should seek profits and investment and use customer feedback. Identifying resources instead helps avoid delays, wasted money or poor customer service."}]},{"id":"b2954ccf-b440-4c01-9914-7a97d443551e","cardType":"basic","points":2,"front":"How does a business plan make objectives more achievable?","back":"It breaks objectives into practical actions.","mcqOptions":[{"text":"It breaks objectives into practical actions.","correct":true,"explanation":"Turning broad objectives into specific actions makes them clearer and easier to complete, monitor and adjust. This makes the overall objectives more achievable."},{"text":"It breaks objectives into general hopes.","correct":false,"explanation":"General hopes are less specific and harder to measure or act upon. The correct answer is breaking objectives into practical actions that can be completed and monitored."},{"text":"It breaks objectives into unexpected costs.","correct":false,"explanation":"Costs may result from actions, but they are not the method that makes objectives achievable. The correct answer is breaking objectives into practical actions."},{"text":"It breaks objectives into competitor reactions.","correct":false,"explanation":"Competitor reactions are external events that may affect a plan, not steps for achieving objectives. The correct answer is breaking objectives into practical actions."}]},{"id":"4bcf12e9-12e7-4c41-adea-b93fe7a9f0a8","cardType":"cloze","points":null,"front":"[ ] identifies customers and promotes products; [ ] organises production or service delivery.","back":"Marketing identifies customers and promotes products; operations organises production or service delivery.","mcqOptions":[{"text":"Marketing identifies customers and promotes products; operations organises production or service delivery.","correct":true,"explanation":"Marketing focuses on understanding customers and promoting products, while operations manages how the product is made or how the service is delivered."},{"text":"Finance identifies customers and promotes products; marketing organises production or service delivery.","correct":false,"explanation":"This reverses the business functions: marketing identifies customers and promotes products, while operations organises production or service delivery. Finance instead deals with money and funding."},{"text":"Human resources identifies customers and promotes products; finance organises production or service delivery.","correct":false,"explanation":"Human resources deals with employees, recruitment and training, while finance manages money. Marketing handles customers and promotion, and operations manages production or service delivery."},{"text":"Operations identifies customers and promotes products; human resources organises production or service delivery.","correct":false,"explanation":"The two functions have been switched. Marketing is responsible for customers and promotion, whereas operations organises production or service delivery; human resources focuses on staffing."}]},{"id":"2027ed51-e128-4c84-bd49-0f63f7f26065","cardType":"cloze","points":null,"front":"[ ] checks whether a plan is affordable; [ ] considers staffing and training.","back":"Finance checks whether a plan is affordable; human resources considers staffing and training.","mcqOptions":[{"text":"Finance checks whether a plan is affordable; human resources considers staffing and training.","correct":true,"explanation":"Finance assesses whether the business has enough money and can afford the plan. Human resources considers employees, including staffing needs, recruitment and training."},{"text":"Marketing checks whether a plan is affordable; operations considers staffing and training.","correct":false,"explanation":"Marketing focuses on customers and promotion, while operations organises production or service delivery. Finance checks affordability, and human resources considers staffing and training."},{"text":"Human resources checks whether a plan is affordable; finance considers staffing and training.","correct":false,"explanation":"This reverses the roles of finance and human resources. Finance evaluates affordability and funding, while human resources plans for employees, staffing and training."},{"text":"Operations checks whether a plan is affordable; marketing considers staffing and training.","correct":false,"explanation":"Operations is concerned with production or service delivery, and marketing is concerned with customers and promotion. Finance assesses affordability, while human resources handles staffing and training."}]},{"id":"696e29ef-eadc-4c3a-809c-7acdc3495c70","cardType":"basic","points":1,"front":"What makes a business plan useful in a real business situation?","back":"It is based on realistic information.","mcqOptions":[{"text":"It is based on realistic information.","correct":true,"explanation":"A business plan is useful when its information, forecasts and objectives are realistic, because this helps the owner make practical decisions and judge whether the proposal is achievable."},{"text":"It is based on guaranteed results.","correct":false,"explanation":"A plan cannot guarantee results because sales, costs and other conditions may change. It is useful when based on realistic information, not certainty about the future."},{"text":"It is based on competitors’ information.","correct":false,"explanation":"Competitors’ information may be useful, but relying on it alone would not make a plan practical. A useful plan is based on realistic information about the business and its market."},{"text":"It is based on ambitious targets.","correct":false,"explanation":"Ambitious targets can motivate a business, but they may be unrealistic and therefore weaken planning. The plan is useful when its decisions and forecasts are based on realistic information."}]},{"id":"1f917256-e4d3-440c-aa41-80d0a066cb39","cardType":"basic","points":2,"front":"Why is a business plan not a guarantee of success?","back":"It relies on forecasts and assumptions; unexpected events can still occur.","mcqOptions":[{"text":"It relies on forecasts and assumptions; unexpected events can still occur.","correct":true,"explanation":"Business plans predict future sales, costs and conditions using forecasts and assumptions. These may be wrong, and unexpected events can affect performance, so success is never guaranteed."},{"text":"It relies on historical results; unexpected events can still occur.","correct":false,"explanation":"Past results can inform planning but do not fully explain future conditions. The key limitation is that plans rely on forecasts and assumptions, while unexpected events can still occur."},{"text":"It relies on guaranteed forecasts; unexpected events can still occur.","correct":false,"explanation":"Forecasts are estimates, not guarantees, because they depend on assumptions about the future. A business plan is therefore not certain to succeed, even if unexpected events are considered."},{"text":"It relies on forecasts and assumptions; expected events can never occur.","correct":false,"explanation":"The first part identifies the correct limitation, but expected events can occur and may be included in planning. The uncertainty comes from forecasts being imperfect and unexpected events still arising."}]}]}],"examCountdown":{"examDate":"2027-05-12","paperLabel":"Paper 1"},"heading":"Business planning","title":"Business planning Flashcards","topbar":{"backHref":"/gcse/business/ocr/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"4dad6a30-9373-586b-8c18-d5252c713a5b","walled":"$L39"}],"$L3a","$L3b"]