160-Adding-Value

160-Adding-Value - Name: Date Taken: Class: Total Possible...

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Name: Class: Date Taken: Total Possible Marks: 21 Adding Value Complete the following questions in the time allowed by your teacher QUICK DEFINITIONS Write a short, accurate definition for each of the following key terms. (2 marks for each good quality definition) 2 1. Define: added value 2 2. Define: factor of production 2 3. Define: transformation process QUICK LISTS In this section, provide an outline or list points which answer the question 4 4. Bacon Limited manufactures quality furniture for schools. Provide an example of each factor of production that is likely to be used in Bacon Limited's production process (one mark for each valid example) A. B. C. D. www.tutor2u.net - 1 -
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- 2 - 3 5. List up to three ways in which a hotel could improve its added value (one mark for each different, valid item listed) A. B. C. D. E. 3 6. Identify three benefits of a business that successfully manages to add value in the production process (one mark for each valid issue) A. B. C. D. Short Answers In this section, write a short answer (one or two sentences) for each question. 4 7. Explain why added value is not the same as the profit earned by a business www.tutor2u.net - 2 -
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1 8. Briefly describe two factors that determine the amount of added value that a
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160-Adding-Value - Name: Date Taken: Class: Total Possible...

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