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How To Answer Business Questions

The document provides guidance on answering different types of questions in business exams, including short answer questions worth 2 or 3 marks, 5 mark questions, 8 mark analysis questions, and 12 mark evaluation questions. It discusses strategies for choosing 20 mark essay questions and outlines the key elements to include in long answers, such as introducing parameters, balanced analysis, focus on the question context, and a reasoned conclusion.

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lam phuong (lami)
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20 views

How To Answer Business Questions

The document provides guidance on answering different types of questions in business exams, including short answer questions worth 2 or 3 marks, 5 mark questions, 8 mark analysis questions, and 12 mark evaluation questions. It discusses strategies for choosing 20 mark essay questions and outlines the key elements to include in long answers, such as introducing parameters, balanced analysis, focus on the question context, and a reasoned conclusion.

Uploaded by

lam phuong (lami)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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How to answer (A) questions

(a) 2 mark Short Answer Questions


Part A questions are short definition questions. For example product life cycle.
We need two knowledge points to secure both marks. An example of this is
the pattern of sales and steps from launch to withdrawal but you could use
any of these knowledge points.

1 (a) Define the term ‘Product Life Cycle’. [2]

The pattern of sales recorded by a product. Steps from launch to withdrawal from
the market

The key is to have two clear different points to avoid repetition. It helps to have
a definition for each key concept.

(b) 3 mark Short Answer Questions


For questions in part B, you need two sound explanations, in this case of how
to extend product life cycle. So give your first point and then add a relevant
example to show clear understanding and secure the points.

1 (b) Explain two ways a business could extend a product’s life cycle. [3]

relaunching the product with a promotional campaign

e.g Old Spice relaunching with a humorous marketing campaign to attract younger
consumers

adding value by including more features, e.g. adding extra


memory to the specification of a smartphone.

For your first clearly explained extension strategy we get two points, but to
secure all 3 points you need another relevant knowledge point. Again, make
sure you avoid repetition and choose two points which are clearly different.

This combination of 2 and 3 mark questions is repeated 3 times, but you will
also get one 5 mark knowledge question.

5 mark Short Answer Questions


In 5 mark questions you usually have to explain the importance of a business
concept, often in a specific context.

Explain how better management of trade receivables and trade payables can
improve cash flow. [5]

Trade receivables are debts a business is waiting to receive from customers who
have bought goods on credit

Better management of credit control encourages customers to pay for their goods
and services more promptly this will bring money into the business more quickly
and so improve cash inflow, therefore improving overall cash flow.

Trade payables are amounts owed to a supplier for goods or services bought on
credit and who have not yet been paid.

Better management of trade payables means a business can delay the payment of
its trade payables so will keep money in the business for longer, reducing cash
outflow, therefore improving overall cash flow.
For example, you may need to explain how the better management of both
trade payables and trade receivables can improve cash flow. In order to
secure all 5 marks, you must effectively explain both factors.

So we start by defining trade receivables, and then explain how better


management of trade receivables can lead to improved cash flow.

Then trade payables, and then explain how better management of trade
payables can lead to improved cash flow.

It’s important to stay focused on the question, so you can repeat the question
stem, to make sure your answer precisely gives the examiner what they are
looking for, and you get all of the marks.

That is the short answer questions done, now it’s time for some exam strategy
when choosing essay questions in section B.

Section B Exam Strategy


In Section B you have a choice of three possible questions. Take your time,
read ALL of the questions and both parts A) and B).

Don’t dive in without checking! If you don’t look, part B might give you a nasty
surprise.

You might be an expert on measuring business size, but have no clue about
what an accountancy business is.

I generally advise against 20 mark questions unless you are really confident
writing long essays. It takes a lot of skill to write an extended essay and keep
every paragraph focused on the question. You are also not diversifying the risk
or “putting all your eggs in one basket” to borrow the cliché.

Many students have a short attention span, so unless the essay question is
something you are really passionate about, it’s easier to go for the 2 part
question option. Remember you are going to be writing this answer for 40
mins!
There are always students who try to answer all of the questions, believe it or
not. Please don’t do this. It’s not good for anybody! In this situation, the
examiner has to mark all three and credit the student with the answer with the
most marks. And more importantly, as students will only have spent a third of
the time on each question their scores will be considerably lower than just
picking one question.

8 Mark Analysis Questions


Unlike paper 2 it’s not specified how many paragraphs you must complete, but
from the examples provided by Cambridge we can see for A) questions you
should be aiming for 3 paragraphs with chains of analysis.

If you need to develop your chain of analysis skills, we’ve got a blog that
would help you with this.

Let’s look at an example for the benefits of motivating employees. Start with
the knowledge point, then explain and apply to the business. Although it’s not
strictly necessary as this question doesn’t mention a specific business, I like to
put in an example as it shows the examiner your understanding and makes it
easier to explain your point. Finish by taking the analysis one step further.

Remember to include connectives – because, leads to, therefore, so that, as a


result, consequently. It shows the examiner you are using analysis or taking
analysis one step further.

No need for evaluation in this question – that’s coming up next in the b 12


mark question guide.

12 Mark Evaluation Questions


The b 12 mark question is an analysis question plus evaluation. Or to put it
simply it’s important but it depends on the questions.

Plan your answer before you begin. The question points you to including two
points of view, so make sure you include both for a balanced answer. Aim for
two chains of analysis for and against. It’s important to have balance, and
show you understand both sides of the discussion.
An easier structure to remember might be: It’s important because, and
because of this but it depends on this and on this, then finish with an
evaluative Comment on what is most important.

In this question we will aim for two points on why salary is the best payment
method for motivating employees of a shoe retailer.
Then two reasons why a salary may not be the most effective payment
method for motivating employees of a shoe retailer. Work through the chain of
analysis in each paragraph.

To secure the evaluation marks you need a reasoned recommendation in


context. Check out this blog on evaluation. It is the most challenging skill, so I
won’t go into too much detail here.

The key is to move beyond analysis and make substantiated judgements or


recommendations. Remember to focus on the question to ensure your answer
is in context, but you can also evaluate by explaining how your judgment will
depend on other important factors.

In this example, I have evaluated by explaining the most important factor in


motivating employees will depend on the individual, as all employees have
individual needs. Salary is important but must be part of a package of different
financial rewards to ensure all employees are motivated and perform to their
full potential.

Common traps to avoid in evaluation are writing a summary of what you have
written earlier in the essay, or basing your answer on opinions rather than
reasoned argument or evidence.

20 Mark Question Tips


20 mark questions need an individual tutorial, remember you are going to be
writing this essay for 40 minutes! But some quick tips:
– Introduction outlining the parameters of the essay
– Paragraphs for each point building chains of analysis
– Balance – arguments for and against
– Keep every paragraph focused on the question
– Stick to the context of the question, in this case a large furniture
manufacturer.
– Strong evaluation in conclusion reasoned recommendation in context for the
business

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