IGCSE BUSINESS STUDIES 2022: Our Comprehensive Free Notes and Tips

How to Use These IGCSE Business Studies 2022: Comprehensive Free Notes and Tips for IGCSE Business Studies?

The IGCSE Business Studies curriculum has been created with certain assessment objectives in mind.

These assessment objectives are the key aspects that will be assessed during the examinations

Tutopiya IGCSE Business Studies Comprehensive Free Notes and Tips 2022 are documented under the subheadings of the TWO papers that all candidates take for the examination.

So, students can use these to prepare for examinations or their study sessions and while practising past papers.

The tips and notes cover the main areas where students have to pay attention, on mark allocation, answering techniques and providing illustrations where needed

 

Main Components of Assessment and How to Achieve Them in IGCSE Business Studies Examinations

 

Scoring high marks in the IGCSE Business Studies Papers will require extensive knowledge of the keywords, theories, and an analytical approach to answer questions

To gain top grades in IGCSE Business Studies, students have to know the precise criteria that examiners are looking for.

Students can find below the assessment criteria, notes and some simple tips on how to maximize your marks based on each criterion.

 Knowledge

 

Knowledge of the key concepts and theories makes up 40% of your final grade.

Hence, it is important to have a sound knowledge of all the keywords concepts on the syllabus.

It can be very useful to learn a short definition and an example for each of the keywords on the syllabus.

 Application

Application is all about applying concepts and theory to the case study mentioned in the questions.

It takes up 20% of your final grade.

Paper 1 and 2 will have questions based on fictional businesses.

These questions require students to use their knowledge of the theoretical concepts and how they link to the questions

Examiners reward points for application and as a result, review how students apply the theoretical knowledge to the business in the case study.

Application points are rewarded when examiners can see how students apply the theoretical knowledge to the case study in the paper and come up with practical answers.

However, students forget to show this link or application process between the knowledge and information in the question.

As a result,  they lose marks.

It can be really helpful to underline the keywords specific to the business as you read the case study.

For this reason, when students answer questions it is critical to go back and review the information.

To show application skills the students should link their answers, theories and explanation to the business in the case study question.

Analysis

The assessment objective of Analysis makes up for 25% of the grade.

It is all about explaining the effect a problem has on an issue or a business.

Students are unable to show this level of analysis and hence, cannot prove to the examiner how a positive or negative impact affects the business.

As a result, students lose marks in meeting this assessment objective of Analysis.

Beginning sentences with “this means that” or “this will impact the business positively because”.

Shows that the students have analyzed which action or decision has affected the business and why.

Evaluation

Evaluation makes up for 15% of the grade and is the most difficult assessment criteria.

Examiners grade answers on the basis of the evaluations students provide.

Students should justify why particular decisions were made when answering a question.

When answering a question that asks the student to Evaluate, students need to show why a decision is better than the other and in which way.

By using answering techniques shown below:

“Although decision A results in a lower short term cost, decision B will rapidly increase income and allow greater profitability in the long term”.

Students can show their level of evaluation when answering questions in Paper 1 and 2.

 

IGCSE Business Studies 2022: Our Comprehensive Free Notes and Tips  for PAPER 1 

• NOTES

Paper 1, is 1 hour 30 minutes and consists of Short Answers and Data Response.

It makes up 50% of the total grade percentage and is marked out of 80 marks in total.

It consists of four questions requiring a mixture of short answers and structured data responses.

Candidates must answer all questions.

Short answer questions require the students to show their knowledge of IGCSE Business Studies keywords and key concepts through questions like ‘Define’ and ‘Give examples of ‘.

Furthermore, questions that ask the student to ‘Outline’, and ‘Explain’, require the candidates to show their technique of application and analysis of the theories learnt.

Data response questions require students to answer questions based on the data provided in Paper 1.

Data is provided in the form of graphs, statistics, short case studies, and picture or illustrations.

• TIPS TO ANSWER

Tip 1: How Many Marks are Allocated for Each Question

The numbers of marks allocated to each question are given on the right-hand side at the end of the question.

These marks give the student an idea as to how much detail they need to put into their answers.

A 1 mark question will mostly ask the student to ‘define’ or ‘give an example’ of a keyword.

If there are 2 marks involved then the student must know that the question requires them to provide a definition and an example.

Likewise, if there are more marks involved, then the question will ask the student to ‘outline’ about a particular keyword or given data response information.

Such questions require providing a ‘definition, an example for application and some analysis from the student.

Tip 2: Time Management

Time management is a critical factor in Paper 1 as it is in other exam papers.

Just the idea that Paper 1 has short answers and data response questions, makes it easier to assume that managing time in this Paper will be a piece of cake.

On the contrary, it is this illusion that makes the examination tricky.

The questions may require short answers or data responses from students, but very often the students

forget they still have to answer based on the assessment objectives and marks allocated.

This takes time and effort.

Thus, this Paper requires the students to be attentive, quick and use their analytical knowledge.

There is a certain amount of calculations that the student needs to spend time on.

Furthermore, a thorough analysis and evaluation of the data provided in the Paper are vital.

The best way to manage time in the examinations is the age-old trick of focusing on easy questions first.

These would be the 1 or 2 mark questions.

Then the student should focus on questions that are allocated more marks, calculations and require analysis.

Another way to manage time in the examination is to do a timed practice of past papers.

This will help the student to get an idea of how he or she can manage time and answer questions with ease.

As a regular practice, it is advisable to students to carry out the timed practice of past papers to help them understand how much time needs to be spent on each question.

Tip 3: Showing Calculations

In Paper 1 the student will find various questions that might require him or her to do calculations based on the problems provided.

It is important that the students show their full working and calculations steps to get the full allocated marks.

Tip 4: Making Handy Tools to Remember Key Concepts

Prepping for the IGCSE Business Studies examinations can be made easy if you know how to organize and plan.

Making simple changes to your study routines will help the candidates ace the examinations.

• Making flashcards and short notes to help remember and understand keywords and concepts will benefit the students.

 

• Getting into the habit of highlighting key terms and question words in the question can help students answer to point.

 

• Using study planners to keep track of progress and chapters studied will help organize students.

Tutopiya offers a wide range of printable study planners and materials that will aid students in their preparation towards exams

• SAMPLE QUESTIONS AND ANSWERS

Question 1:

1. Define ‘revenue’. (2 marks)
2. Price × Quantity sold. (2) The income of the business (1) from the sale of goods or services. (1)

Question 2:

1. UDig is a large mining company based in country B. UDig is in the private sector. It supplies businesses in country B with 30% of the coal they need and the rest is imported. UDig now has eight mines but plans to close two of them. This will threaten 1800 employees with redundancy. The Managing Director said: ‘I blame the appreciation of country B’s exchange rate and new legal controls, including those to protect the environment. The Government should help private sector businesses.’

Outline how the appreciation of country B’s exchange rate might affect UDig. (4 marks)

1. Award 1 mark for each relevant point.

Award 1 mark for each relevant reference to this business.

 

Answers might include:

• Imported products cheaper/have lower prices (1) making UDig less competitive (1) so local businesses might go elsewhere for the 30% (1) leading to lower sales for its coal. (1)
• Not as competitive (1) so UDig may have to cut costs (1) by closing mines (1) and making people redundant. (1)
• Not as competitive (1) so may have to reduce its profit margin (1) by lowering the cost of coal (1) so not as much money to reinvest in the business. (1)

 

Question 3

1. Explain two factors UDig should consider when deciding which mines to close (6 marks)
2. Firstly, award 1 mark for identification of each relevant factor (maximum of 2).

Secondly, award 1 mark for each relevant reference made to this business (maximum of 2).

Third, award 1 mark for each relevant explanation (maximum of 2)

• Level of output (1) where UDig extract the least amount of coal (1) could be closed as it will make fewer sales revenue. (1)
• The number of employees (1) as 1800 jobs threatened (1) if close sites with fewer employees the business may be able to save some of the jobs. (1)
• Ease of access (1) of the eight locations (1) as sites difficult to reach could help lower transport costs. (1)
• Pollution levels (1) as new legal controls have been introduced (1) so high polluting sites might be forced to close anyway. (1)

IGCSE Business Studies 2022: Our Comprehensive Free Notes and Tips  for PAPER 2

• NOTES

Paper 2 contains four questions based on a case study, provided as an Insert with the Paper.

Candidates must answer all questions and the whole paper adds up to 80 marks in total.

Paper 2 is 1 hour and 30 minutes long and makes up for 50% of the total grade.

All the assessment objectives mentioned above are assessed in this paper.

From judging the candidate’s knowledge and ability to apply, analyze and evaluate information, the examiners look at all aspects of the candidate’s answers.

• TIPS TO ANSWER

Tip 1: Mark Allocations for Each Question

Even in Paper 2 the marks rewarded for each question are allocated on the right-hand side of the question.

This gives the student an idea of how much time to give to the question and what to write.

Hence, the student will know what points need to be made in the answer and what examples need to be given.

The examiners will grade the answer based on how well the students have addressed the requirements of the points needed to be made.

Tip 2:  Referring or linking back to the case study

Firstly the ‘PEEL’ method is a very useful tip to use while answering essay or long answers questions.

Secondly, the assessment objectives that need to be kept in mind to answer questions well are all taken into account in the PEEL method

As a result, using the PEEL method will give a very well rounded answer that addresses the assessment objectives

Tip 4: Techniques to Read the Case Study Properly

Underlining and highlighting are two techniques that students can use to read the case study text properly.

Hence, highlighting the important keywords, statistics, and question words help students organize their answers in a methodical manner.

So, it makes it easier for candidates to address the assessment objectives in their answer.

Due to this their answers stay on point and portray their skills of knowledge, application, analysis and evaluation

If students are not able to highlight, they can at least circle or underline to organize their thought processes while answering.

Tip 5: Drawing Graphs, Illustrations and Showing Calculations

Wherever necessary as per the requirements of the question, making illustrations, providing graphs and showing calculations will benefit the students.

These are all part of the analysis and evaluations assessment objectives and will rank higher in terms of candidate grade allocation.

Hence, graphs and illustrations are used to further improve the quality of the candidate’s answer.

Moreover, they help explain the theories and key concepts in IGCSE Business Studies.

Tip 6: Online Tuition for IGCSE Business Studies

Tutopiya offers a pool of expert and internationally qualified IGCSE Business Studies tutors.

Tutors are handpicked and trained to provide full-proof guidance and support for IGCSE Business Studies irrespective student’s level of understanding.

With customized lesson plans, feedback, lifetime access to resources the students are in safe hands.

Using Tutopiya’s IGCSE Business Studies 2022: Our Comprehensive Free Notes and Tips 2022 students can get an informative view of the assessment objectives and techniques to get better grades.

• SAMPLE QUESTIONS AND ANSWERS

Case Study Insert:

Bethany owns The BB Health Spa in Main City in country X. Economic growth has been high for the last few years. The government of country X wants this growth to continue so it has reduced income tax. However, it is also worried about inflation becoming a problem so it has increased interest rates. The BB Health Spa is very busy and Bethany is considering taking on a partner to help manage the business and give her more free time. However, she has been a sole trader for 10 years and wants the business to stay small. The customers of The BB Health Spa are people of all ages who are interested in their health. Bethany employs two qualified workers to provide the treatments for customers. Bethany herself also provides customers with treatments. In addition, she does all the administration such as ordering inventory, accounts and paying invoices when the spa is closed. The BB Health Spa still uses the original treatment equipment which was purchased when the business started. Some spas nearby have the latest equipment but these spas charge much higher prices than The BB Health Spa. Bethany records all the financial transactions by filling in accounts books by hand. This takes her a long time. Customers book appointments using the telephone and Bethany later telephones them to remind them when an appointment is due.

 

Question 1:

Q. Explain two possible reasons why Bethany wants the business to remain small. (8 Marks )

Award 1 mark for each relevant reason (maximum of two reasons):

Relevant reasons might include:

• To stay as her own boss
• To make all the decisions
• No one to fall out with
• No one to share the profits with
• Size of the market – not able to expand
• Better communication with customers and employees
• Easier to control
• Lack of capital to expand
• Satisficing/happy with the level of profit.

Award a maximum of 3 additional marks for each explanation – one of which must be applied to this context – of the reasons why the owner wants the business to remain small.

Model  Answer

To stay as her own boss (1) as Bethany has run the business successfully for 10 years (1) and she does not want anyone telling her what to do or disagreeing with her decisions. (1) The business idea is all her own and so she does not want any conflict which might cause important decisions to be delayed giving problems for the business. (1)

 

Question 2

Q. State the advantages and disadvantages of the following three ways to achieve good quality service at the health spa:

• Only employ highly trained workers
• Record all customer complaints
• Buy only the best quality materials to use in the health spa.

Which do you think is the most important way? Justify your answer.  (12 marks)

Model Answer

(9 – 12 marks)

Sound application of knowledge and understanding of relevant business concepts using appropriate terminology.

A detailed discussion of two or more ways.

Well-justified conclusion/recommendation.

Candidates discussing all three factors in detail, in context and with well-justified conclusion/recommendation including why the alternative points are rejected should be rewarded with the top marks in the band.

(5-8 marks)

Sound application of knowledge and understanding of relevant business concepts using appropriate terminology.

A detailed discussion of at least one factor.

Judgment with some justification/some evaluation of choices made.

Candidates discussing two or more factors in detail and applying it to the case should be rewarded with the top marks in the band.

(1-4 marks)

 

Limited application of knowledge and understanding of relevant business concepts.

Limited ability to discuss factors with little/no explanation.

Simple judgment with limited justification/limited evaluation of choices made.

Candidates outlining three factors in context should be rewarded with the top marks in the band.