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Cambridge IGCSE Business Studies practice

Paper 1 structured question: Income statements

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Attempt questionIncome statements revisionRevise the key idea

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Income statements

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Paper 1Short Answer and Data Response1 marks

Understanding the role of profit in business operations.

Description

The Role of Profit

Profit is essential for businesses as it serves as a reward for risk-taking and provides funding for growth.

  1. a

    State What is profit?

    Aim for approximately 1 distinct marking point.

    [1]

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Paper 1 structured question: Income statements

Paper 1Short Answer and Data Response3 marks

Description

Significance of Profit

Profit is crucial for private sector firms as it incentivizes risk-taking and supports funding.

  1. a

    Explain Why is profit important for private sector firms?

    Aim for approximately 3 distinct marking points.

    [3]