0450 Example Candidate Responses Paper 1 (For Examination From 2023)

Example Candidate Responses – Paper 1
Cambridge IGCSE / IGCSE (9–1)

TM
Business Studies 0450 / 0986

Cambridge O Level
Business Studies 7115
For examination from 2023
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Contents
Introduction.......................................................................................................................................................................4
Question 1........................................................................................................................................................................6
Example Candidate Response – high..............................................................................................................................6
Example Candidate Response – middle........................................................................................................................10
Example Candidate Response – low.............................................................................................................................14
Question 2......................................................................................................................................................................18
Example Candidate Response – high............................................................................................................................18
Question 3......................................................................................................................................................................30
Question 4......................................................................................................................................................................40
Introduction
The main aim of this booklet is to exemplify standards for those teaching Cambridge IGCSE / IGCSE (9–1) / O Level
Business Studies, and to show how different levels of candidates’ performance (high, middle and low) relate to the
syllabus requirements. This document helps teachers to assess the standards required to achieve marks beyond the
guidance of the mark scheme.
In this booklet candidate responses have been chosen from the June 2023 exam series to exemplify a range of
answers.
For each question, the response is annotated with examiner comments about where and why marks were awarded or
omitted. This is followed by comments on how the answer could be improved. There is also a list of common mistakes
and guidance for candidates.
Please refer to the June 2023 Examiner Report for further details and guidance.
The questions and mark schemes are available on the School Support Hub
0450 / 0986 / 7115 June 2023 Question Paper 12

0450 / 0986 / 7115 June 2023 Mark Scheme 12
0450 / 0986 / 7115 June 2023 Insert 12
Past exam resources and other teaching and learning resources are available on the School Support Hub
4
How to use this booklet

This booklet goes through the paper one question at a time, showing you the high-, middle- or low level response for
each question. In the left-hand column are the candidate responses, and in the right-hand column are the examiner
comments.
Example Candidate Response – high Examiner comments
1 This response identifies one

way.
2 Examples of decisions are

not relevant. If this is all they
1 had written, this would have
gained no credit. Fortunately,
the point is clearly linked
to obtaining finance, so the
2 comment is not classed as a
different answer.
3
3 Understanding the bank
might want to see it, to ‘rent the
loan’ is just enough to gain the
Examiner comments are
Answers are by real candidates in exam alongside the answers. These
conditions. These show you the types of answers for explain where and why marks
each level. Discuss and analyse the answers with were awarded. This helps you
learners in the classroom to improve their skills. to interpret the standard of
Cambridge exams so you can
help your learners to refine their
exam technique.
How the candidate could improve their answer

• (a) Two valid ways are identified. The second way could have been written more succinctly. For example, it could
help secure finance. Listing examples of decisions is not relevant and on their own are therefore not awardable.
• (b) Two reasons are identified. However, a shorter answer (stopping after ‘wider customer base’) would still have
earned the mark for reason one. The second part included two reasons, which was unnecessary. Examiners will
This section explains how the candidate could
not mark the third reason so including it only wastes the time that could be used to answer other questions.
have improved each answer. This helps you to
interpret the standards of Cambridge exams and
helps your learners to refine their exam technique.
Common mistakes and guidance

(a)
• Vague statements about help, decision-making, avoiding problems or being more organised.
• It is important to read the question carefully to ensure answers have the correct focus.
(b)
• Some candidates were not precise enough when identifying points, or they identified two similar points. Always
attempt to select points which are clearly different.
• This
Only include two points, as additional answers will not be credited section
even lists common mistakes as well
if correct.
as helpful guidance from the examiner. This will
• There is no need to explain points – the question only requires candidates to identify reasons.
help your learners to avoid these mistakes. You
can use this alongside the relevant Examiner
Report to guide your learners.
5
Question 1
1 Correct reason. The second

part of the sentence is unnecessary
as this is classed as an alternative
to good service.
2 Another correct answer. Both

marks are awarded at this point.
3 The candidate identifies

another reason, but this is
1 unnecessary as only the first two
responses will be marked.
Mark for (a) = 2 out of 2
2
4 Two correct answers are
3 calculated from the break-even
chart.
5 Mark for (b) = 2 out of 2
5 This statement is vague. It does

4
not identify why/how it is easier.
6 Using relevant information from

the break-even chart shows good
5 application.
6
7 Understanding that break-even
is quicker to achieve gains the first
knowledge mark.
7
8 8 A second effect is outlined.
9 There must be two different

pieces of application used – one
for each knowledge point. Here,
9
the candidate repeats the earlier
reference to 500 units so this
answer will not be awarded twice.
Mark for (c) = 3 out of 4
6
Example Candidate Response – high, continued Examiner comments
10 A relevant benefit is identified.

10 The comment about employees
feeling more loyal is repetition as
this is simply an alternative to more
11 committed.
11 Mentioning watches clearly

links the point to the scenario so
12 one application mark is gained.
13 12 The candidate offers a relevant

explanation about how employee
commitment can benefit the
business, namely less absenteeism.
Analysis must flow on from the
14
knowledge point being made, which
it does in this response.
13 A second benefit is identified.

15
14 While the reference to watches
could be application, it has already
been awarded in benefit one. Each
point needs a different piece of
application.
15 The analysis needs more

development as ‘without worrying
they may miss the meeting’ does
not show a clear impact on the
business. For example, missing the
meeting could lead to mistakes or
the wrong actions taken.
Mark for (d) = 4 out of 6
7
16 The knowledge marks are

quickly achieved in the opening
sentence for identifying the products
are based on specific customer
requirements and are unique. Other
16 examples of knowledge are evident
throughout the answer but to gain
further credit, the candidate needs
to show analysis and evaluation.
17 A decision is made, but listing

disadvantages does not show
17 reasoned judgement.
18 Explaining how unique products

can help build customer loyalty
18 gains the first analysis mark. The
second knowledge mark is awarded
for identifying an alternative method
19 of production, batch production.
20 19 Another decision is made, but
this statement is not evaluative.
Instead of building on points
discussed to support the decision,
the candidate identifies additional
knowledge and analysis.
20 The candidate explains how

batch production (an alternative
method of production) could allow
for economies of scale. This gains
the second analysis mark.
Mark for (e) = 4 out of 6
Total mark awarded =

15 out of 20
8

• (a) For this question, a simple statement for each point was sufficient. Taking improve efficiency as an example:
efficiency is the HOW and mentioning ‘increase’ shows the direction of change. Candidates should be encouraged
to write clearly and succinctly. The question only asked for two reasons, so including additional details or points
was unnecessary. Examiners only mark the first two points in a list-style question. This means that whatever
is written in the third answer cannot be credited, even if one of the earlier points was incorrect, as a scattergun
approach does not show good understanding of the topic.
• (b) A correct answer is all that is needed for this type of calculation question. Including the correct mathematical
symbol, such as $, is always recommended, but on this question, it was not essential to access the marks.
• (c) The candidate correctly outlined two effects, one of which was in context. Appropriate reference to 500, the
number of units sold, clearly links the point to the scenario. Using appropriate data from the chart or any table is a
good way to access application as it is specific to the business in question.
• (d) The candidate identified two relevant benefits. However, only the first point was developed to show application
and analysis. Candidates cannot use the same application for both points. Application does not have to be complex
to be awarded. It simply needs to link the point to the chosen scenario. The question asked for the benefit to the
business so it was important that candidates showed how the business may be affected. Here, the example given
was vague as it did not clearly show how it helped the business.
• (e) Good knowledge and analysis were evident in this answer. However, a decision alone is not sufficient to
access evaluation. Candidates need to support the decision made with reasoned arguments and these should
build on points discussed. Here, mentioning an alternative method of production was a good strategy as the
contrast between the two methods can form the basis for a balanced decision. For example, recognising that
economies of scale could lead to lower prices may not be important when selling unique products which can be
sold at higher prices to offset the higher cost. Therefore, job production could still be a better option for a small
business, especially as it may not have the capacity to order large amounts of inventory to benefit from purchasing
economies anyway. To gain the second evaluation mark, the answer would need to be in the context of a small
business.
9
Example Candidate Response – middle Examiner comments
1 Two correct answers from the

mark scheme gains both marks.
1 Mark for (a) = 2 out of 2
2 Although it is good practice

to include the units (watches) for
2 numerical questions, it was not
essential to do so in this case.
3
3 Incorrect answer. The
candidate identifies a random value
from the chart.
Mark for (b) = 1 out of 2
10
Example Candidate Response – middle, continued Examiner comments
4 One effect is identified. There is

4 no need to repeat the question, as
5 this simply takes up time which can
be used more effectively to answer
later questions.
5 The reference to watches is

application.
6
6 Outlining the effect on costs
does not answer the question so
this answer gains no marks.
7 A benefit is identified. This is

accepted as an alternative to ‘fewer
7 workers needed’.
8 No analysis as the comment

provided simply repeats the
knowledge point. This is a common
mistake. They need to show how
this would help the business – for
example, lower costs as fewer
8 workers needed for training.
The reference to training would
9 also have gained application as
the scenario clearly states all
employees are offered regular
training. Alternatively, they could
have mentioned the fact that FBW
only needs five employees.
10
9 The focus on training is
incorrect as this is a different
concept. Without knowledge of a
benefit of full-time employees, there
is no opportunity to gain application
or analysis.
10 Here, the candidate attempts

to explain the difference between
part-time and full-time employees
which is unnecessary and does not
answer the question.
11
11 One knowledge mark for

advantage of job production.
12 No analysis as there is no
11 clear connection here between
productivity and job production.
12 The analysis needs to be clear
and follow on from the point being
13 made.
14 13 Second advantage is identified.

There are other examples such as
15 batch production, but these will gain
no further credit as all knowledge
marks have been awarded at this
point.
14 The reference to flow

production is incorrect as this is not
an appropriate method for a small
business.
16
15 Analysis for explaining batch
production can produce many
products. This is true when
compared to job production.
16 There is no decision about

whether job production is the best
method. The final sentence simply
repeats a point already made.
Without a decision, there is no basis
for evaluation to be considered.

9 out of 20
12

• (a) This was a clear and concise answer. The references to production and products are unnecessary as they do
not add any clarity to the answer. This question only required short statements identifying two reasons.
• (b) It is good practice to attempt every question. If a question is left blank, there is no opportunity to gain marks.
So, while one of the answers is wrong, a guess is always better than writing nothing, especially on a calculation
question.
• (c) The candidate correctly identified one effect which was then applied. However, the second response had the
wrong focus, as changes in price are unlikely to affect costs, so no marks could be awarded. It is also important to
note, the candidate did not try to link their answer to the watch-making business. Therefore, even if there had been
valid knowledge, there would have been no opportunity to gain application marks.
• (d) Benefit one showed some knowledge. However, instead of analysis, the candidate repeated the knowledge
point. This was a common mistake. The candidate needed to show how having fewer employees would benefit
the business. Neither answer included any reference to FBW, so the candidate missed the opportunity for any
application marks. It is important to use the information provided in the scenario to support each point made.
• (e) The candidate identified two issues, but only one was developed. The analysis should follow on from a relevant
point of knowledge. Here, for example, they could have explained why job production was likely to motivate
employees. The candidate made no decision about whether job production was the best method for a small
business to use. Therefore, there was no opportunity to access evaluation marks.
13
Example Candidate Response – low Examiner comments
1 ‘Make the employee know what

to produce’ is not specific enough
– as this could be a communication
issue. Had they said HOW to
produce, this could have gained
credit under bullet point four – ‘so
workers know what to do’.
1
2 This answer shows no
understanding of training. It needs
2 to show how or why training would
help avoid disruptions.
3
4 3 Break-even output is not a
financial value, so this response
automatically gains zero marks for
including the dollar ($) sign.
4 This answer is incorrect as

the answer given is an incorrect
calculation of break-even revenue.
14
Example Candidate Response – low, continued Examiner comments
5 Understanding that total

5 revenue will increase gains 1 mark
for knowledge.
6
6 Instead of application, the
candidate repeats the question.
Using the value of break-even
revenue which can be found on the
break-even chart could have been
7 one way to link this point to the
scenario.
7 The second answer is not

relevant as an increase in price will
not have a direct impact on costs.
8
8 The comment about ‘save
the cost’ is a development point
only. The candidate needs to
identify what or how having full-
time employees would allow the
business to achieve this.
9 9 The response does not show

how the flow of production not being
disrupted relates to having full-time
employees.
10 10 Simply stating ‘employees are

available’ is vague as this could
be true for part-time workers.
The difference is that full-time
employees are always available
throughout the working day.
The word ‘always’ was therefore
important and is necessary to award
this point.
15
11 Cost can only be awarded as

analysis on this question because
the candidate needs to specify the
reason why costs might change.
11
12 Understanding that job
production is slow is awarded
knowledge. The candidate does
mention flow of production, but as
written it was clear that this was not
12 intended as an alternative method.
13 A decision is made but what

13 follows is simply a statement rather
than a judgement.
14
14 The rest of the answer is
vague. Comments such as ‘easier’
need clarification to show what is
easier and therefore why it is an
advantage.

2 out of 20
16

• (a) Points made must be clear to gain any credit.
• (b) The candidate did not demonstrate an understanding of a break-even chart in the calculations provided.
• (c) The candidate outlined one effect but did not link their answer to the scenario. Any appropriate reference to the
business such as commenting on the number of products sold could have gained application. The second answer
was incorrect and therefore there was no opportunity for further credit.
• (d) The candidate must have explained the benefits of full-time employees. There was no awardable knowledge in
this response. Without knowledge, it is not possible to access marks for analysis or application. Had the candidate
mentioned that full-time employees are more loyal to the business, then the point about saving the cost of hiring
new employees would have been simple analysis. Application could have been awarded for an appropriate
reference to the number of employees or what the employees were manufacturing.
• (e) One relevant issue was identified: job production is slow, but this point was not explained. The comments about
‘easier’ and ‘lower costs’ were not detailed enough to be awarded marks. The response did include a decision, but
to access evaluation marks, the candidate needed to provide a justified reason to support their decision.

(a)
• There is no need for candidates to write in sentences for this question as they are only required to identify reasons.
A couple of words identifying the change and the reason is sufficient.
• Including more than two answers is unnecessary and examiners will only mark the first two responses written.
(b)
• Using the wrong mathematical symbol such $ when referring to output shows incorrect understanding and cannot
be credited.
• It is good practice to include any relevant symbols or units in answers, as often these may be required to indicate
the candidate fully understands the concept.
(c)
• A common mistake was to forget that a break-even chart assumes all goods are sold. Therefore, answers about
falling sales were not awarded.
• Some candidates discussed the effect on costs which did not answer the question.
• Some candidates used the same references from the scenario as their application to support both points made.
• Using data from the break-even chart is a good way to access application.
(d)
• Many candidates made incorrect assumptions about full-time employees. For example, they are more skilled or
motivated which is not necessarily true as this depends on the person or job.
• This question was about employees, so mentioning the business had five employees is an easy way to access
application.
• Analysis does not need to be complex – it simply needs to make sense and follow on from the knowledge point
being made.
(e)
• Advantages of one method can be presented as disadvantages of another method, but the same point will only be
awarded once. For example, credit can be given for recognising economies of scale can be achieved using batch
production, but the same answer will not be awarded knowledge for stating there are no economies of scale using
job production as this would be repetition.
• Some candidates ignored the fact the question was about a small business so discussed methods which were not
appropriate, such as flow production. Candidates must read the question carefully.
• Most candidates struggled to develop points. Instead of analysis, many simply identify new points of knowledge.
• Some candidates tried to link points to the scenario, but this is a general question so there are no marks for
application.
• Some responses offered no decision, and where attempted, candidates tended to repeat earlier statements in the
evaluation.
17
Question 2
1 This response identifies one

way.
2 Examples of decisions are

not relevant. If this is all they had
written, this would have gained
1
no credit. Fortunately, the point is
clearly linked to obtaining finance,
so the comment is not classed as a
2 different answer.
3 3 Understanding the bank might

want to see it, to ‘rent the loan’ is
4 just enough to gain the second
mark.
6
4 One mark for identifying a
7 possible reason.
5 The rest of the answer can be

omitted as the question only asks
for knowledge.
6 Second reason identified. Both

marks awarded at this point.
7 The candidate identifies a third

reason. This was unnecessary as
only the first two answers will be
marked.
18
8 Recognising that Gloria

8 has four employees could be
application. However, without
knowledge being awarded, this
9 contextual reference cannot be
credited.
9 This point gains no credit

because ‘checking whether…
received’ is vague and the comment
about no mistakes is incorrect.
10 The candidate clearly outlines a

10 disadvantage, recognising it may be
11 harder to call all the employees at
the same time.
11 One application mark is

awarded for a relevant reference
to this business. There are two
possible examples here – either can
be accepted.
19
12 The word profit on its own is

vague.
12
13 Understanding that she would
have to share her profits gains one
knowledge mark.
13 14
14 Mentioning it is a house-
cleaning business clearly links the
answer to the context.
15
16 15 There is no awardable analysis.
The comment about ‘worse her
financial situation’ is based on an
unsupported assumption about the
level of profit.
17
18 16 This is an example of where
the analysis is written before the
knowledge. ‘Disagreements’ is
19 analysis only because the candidate
needs to explain the potential cause
of the disagreement or conflict.
17 The reference to house-

cleaning is repetition as this has
already been credited in factor
one. They could have added that it
was her brother who had offered to
become her business partner.
18 Knowledge is seen in the

explanation section so the earlier
analysis can be credited.
19 This scenario is about a service

business so any reference to
production is incorrect.
20
20 The candidate correctly

20
identifies two methods of primary
market research.
21 Definitions or descriptions of
21
the methods are not necessary. For
analysis, the examiner is expecting
the candidate to explain advantages
22 23
or disadvantages of the methods
identified.
22 Analysis is awarded for the idea

that interviews can gather more in-
depth (deep) information. Points do
24
not have to match the mark scheme
word for word to be credited as long
25 as the answer is clear.
23 A decision is made. However,

it is not until the last line that
evaluation is awarded for a
supported reason. Here, the
candidate builds on the point that
questionnaires allow many people
to be asked, which is in direct
contrast to interviews. Hence, if they
used interviews they would miss
out on the views of ‘the majority
of potential customers’. Had they
connected the judgment to a new
product, this answer might have
gained the second evaluation mark.
24 Explaining that a questionnaire

allows a large amount of people to
be asked gains the second analysis
mark.
25 This is another example of

analysis, but all marks have already
been awarded so this explanation
receives no further credit.

15 out of 20
21

• (a) Two valid ways were identified. The second way could have been written more succinctly. For example, it could
help secure finance. Listing examples of decisions was not relevant and on their own could not be awarded marks.
• (b) Two reasons were identified. However, a shorter answer (stopping after ‘wider customer base’) would still have
earned the mark for reason one. The second part included two reasons, which was unnecessary. Examiners will
not mark the third reason so including it only wastes the time that could be used to answer other questions.
• (c) The candidate correctly identified a disadvantage of using telephone calls as a method of communication.
Mentioning the number of employees was a good way to access application – as this clearly linked the point to this
business. However, the advantage was vague. Precision in answers is important.
• (d) The candidate demonstrated good knowledge of factors. Mentioning house-cleaning was a good application.
However, there were no marks awarded for the attempted development of the first factor because it was based on
an unknown assumption about the level of profit. The second factor was developed, but the application could not
be credited as it is repetition of the one used in factor one.
• (e) Knowledge was quickly gained in the first sentence for identifying methods. Both analysis marks were awarded
for explaining an advantage of each method. There were other examples of analysis, but to gain more than four
marks, the candidate must show evaluation. Here, a clear decision was made (questionnaire) which was then
supported in the final line. For the second evaluation mark, the answer needed to be linked to new products or
services, to fully answer the question set.
22
1 One reason is identified.
2 The candidate identifies an

example of an objective which does
1
not answer the question.
2
3 The candidate may be
attempting to identify market share,
but the answer is not specific
enough to gain any marks.
3 4 One reason is identified.

4
5 ‘Well known’ is a relevant
5 reason, however as this is the third
answer, it cannot be awarded.
6
6 This answer has the wrong
focus as ‘easy to delegate and
7 understand’ are reasons why
communication is important, which
is a different question.
8 7 The reference to ‘faster’ does
not make sense here.
8 The first mark is gained for

9 identifying a disadvantage, namely
increased costs.
9 Application is awarded for an

appropriate reference to sole trader.
Other relevant examples are shown,
but only one is needed for each
point.
23
10 This is a relevant factor to

10 consider when deciding whether to
take on a business partner.
11
11 Application is awarded for
mentioning house cleaning service.
12 Explaining how knowledge can

12 help with new ideas on decisions to
increase sales is good analysis.
13 The comments about ‘what

13 the partner earns’ and ‘money’ are
vague. While money could be a
factor, either the finance they can
contribute or having to share profit,
this answer does not clearly identify
either of these points.
14 The first method is identified.
14 15 This line can be omitted as the

question does not ask for reasons.
16 A second method is identified.

15 All knowledge marks have been
16
awarded.
17 17 A relevant disadvantage of
interviews gains the first analysis
mark.
18 18 Recognising surveys could

allow for a wide range of population
is also analysis.
19
19 A decision is made (I think the
best method is…), but the comment
about accuracy is not sufficient to
support the point. They needed to
develop this to show why having the
opportunity to ask more people in
a survey would be more important
than using interviews.

11 out of 20
24

• (a) One way was identified but the second response did not answer the question set. It is important to read the
question carefully.
• (b) The candidate was awarded 1 mark for a relevant reason. Use of the words ‘size of business’ was vague, and
the examiner did not know whether the answer referred to growth or market share. Points need to be clear to gain
credit.
• (c) The candidate was awarded 2 marks for outlining a disadvantage of using telephone calls as a method of
communication. The advantage was incorrect and therefore gained no additional marks. Had the candidate
outlined how telephone calls could help the communication process, such as allowing for faster feedback, then this
would have been awarded knowledge mark. The reference to four employees could then have gained a second
mark for application.
• (d) The candidate was awarded 3 marks for explaining one factor in context. The comment ‘earn more money’
needed to be clearer. Candidates should always try to refer to the scenario in part (d) questions to allow the
opportunity for application to accompany any knowledge mark gained.
• (e) Good knowledge was evident in this answer, and both points were developed. However, there was no
evaluation. The candidate could have used the discussion of the advantages and disadvantages of each method
as the basis for a balanced decision.
25
1 One mark is awarded for the

idea that a business plan can help
1 identify demand.
2 2 This answer is too vague to

be credited. Had the candidate
mentioned that identifying costs
could help with budgeting or
knowing when extra finance is
3 needed, it could have gained the
second mark.
4
4 The candidate tries to identify

return to shareholders, but this is
unclear.
5
6 5 There is no attempt to link the
point to the scenario.
6 Understanding a telephone call

allows communication to take place
7 anywhere is relevant knowledge.
7 The candidate needs to focus

on specific features of using
telephone calls such as poor
connection which might explain why
employees did not understand.
26
8 The statement about ‘listening

8 to opinions’ is vague because it
is does not indicate why is this a
factor.
9 ‘Cannot make decisions alone’

9 is relevant knowledge. However,
there is no use of the information
from the stem to link this answer to
Gloria’s business so no application.
The candidate could have
mentioned who the potential partner
10 was, namely her brother.
10 A second factor is identified.
11 11 Instead of analysis, the

candidate identifies another factor.
This is a common mistake. For
analysis, they need to show why
sharing profit might be an issue,
such as it may lead to disputes
about how any profit is shared or
what it is used for. Again, there is no
attempt at application.
27
12 One method is identified.

Candidates are not penalised for
the spelling if the meaning is clear,
which it is here.
12
13 Simple analysis gains a second
13
mark. It is possible for one method
to gain both analysis marks. For
example, they could have discussed
another advantage or disadvantage
14 of surveys.
14 Looking at similar products

or businesses does not identify a
method which the question requires
to access knowledge marks. The
candidate also seems to have
forgotten that the question is about
15
new products, so it is unlikely for a
business to find out this information
anyway.
15 The candidate offers no

decision. It is good practice
to include one on all part (e)
questions, as without one, it is
not possible for evaluation to be
considered.

7 out of 20
28

• (a) The candidate showed understanding of one way. The answer given for way two lacked clarity. They needed to
show how identifying cost data would help reduce risk.
• (b) One reason is identified, however, the second reason is vague. The candidate needed to show greater
precision when identifying points.
• (c) An advantage is outlined. However, there is no use of material from the case study, such as mentioning four
employees or house cleaning, which is necessary to access application. Candidates should be encouraged to
focus on specific features of named methods.
• (d) The candidate identified two issues, but there was no attempt at analysis or application, which limited this
answer to 1 mark. Application could be as simple as mentioning not having to take all the decisions could reduce
her workload or that the profits would be shared with her brother.
• (e) Only one method was explained. The candidate did not identify a second method which was necessary to
access the second knowledge mark. The rest of the answer was vague and did not answer the question. It is good
practice to include a decision in all part (e) questions.

(a)
• Vague statements about help, decision-making, avoiding problems or being more organised.
• It is important to read the question carefully to ensure answers have the correct focus.
(b)
• Some candidates were not precise enough when identifying points, or they identified two similar points. Candidates
should always attempt to select points which are clearly different.
• Only include two points, as additional answers will not be credited even if correct.
• There is no need to explain points – the question only requires candidates to identify reasons.
(c)
• Vague references to phones being ‘easy’ or ‘clear’ without indicating why this might be the case.
• Lack of application which meant candidates missed out on two potential marks. Candidates should use information
from the stem to help link points to the scenario.
• Repeating the same application which can only be credited once within the same question.
(d)
• Having the wrong focus, so discussing who should be the partner not whether to have one.
• Some candidates missed out on application marks as they did not link points to the scenario or offer relevant
development.
• Analysis should not repeat the knowledge already credited or identify new knowledge.
(e)
• Some candidates did not identify two methods of primary market research.
• Some identified methods of secondary market research and others confused test marketing with sampling.
• A common mistake was to forget to include a decision, or to just repeat the earlier points from their answer.
• It is good practice to include a decision on all part (e) questions, as without one, it is not possible for evaluation to
be considered.
29
Question 3
1 1 Understanding that a tariff is a

type of tax gains 1 mark.
2 2 The second mark is achieved

for recognising imports are brought
‘to a country from another country.’
3 3 Having more start-up

businesses is a relevant point.
4 4 This answer gains no credit

because the candidate has
identified a reason why demand
changes, which is a different
question.
5 Four correct single word

5 answers are all that is needed for
this question. The first three words
gain 3 marks.
6 ‘Fail’ is incorrect as it is not a

6
stage in the business cycle.
30
7 One effect is identified.
8 Recognising the business

7
imports 45% of its materials is an
8 appropriate contextual reference.
9
9 Relevant explanation showing
the effect of the quota on the
business, so the candidate gains all
3 marks for this part of the answer.
10 The candidate confuses

10
importing with exporting as shown
by the references to sell and
‘expensive for other country to
buy’. Without relevant knowledge,
analysis cannot be considered.
11 The first mark is awarded for

identifying that retailers may buy in
large quantities.
12 Explaining that this can lead

11 to increased revenue is simple
12 analysis.
13 Second knowledge mark is

13 awarded for identifying another
channel of distribution.
14
14 The comment about increased
15 customer loyalty is too vague
because this is not a direct
consequence of the channel
identified. Had they explained
that direct selling allows for more
customer feedback, then this along
with the comment about loyalty
16
could have been credited.
15 A decision is made but this is

not supported.
16 The rest of the answer drifts

away from the question and
contains no awardable points. It
is important to keep the question
in mind throughout an answer to
ensure points made are relevant.

12 out of 20
31

• (a) The candidate gave a full definition which was awarded full marks. The same mark could be achieved in slightly
fewer words, but the extra words used did not detract from this answer.
• (b) The second response was wrong. Candidates should be encouraged to identify key words in the question to
ensure responses answer the question correctly.
• (c) Single word answers are all that is required to gain full marks on this question. 3 marks were awarded for
identifying three stages. While the final answer was wrong, this remained a good response overall.
• (d) The candidate demonstrated good contextual understanding of the effect of a quota which gained 3 marks.
However, the answer about exchange rate appreciation was incorrect because it considered the effect on exports
and not imports.
• (e) One advantage of using retailers was explained. The second knowledge mark was awarded for identifying
an alternative channel of distribution, but this point was not developed. Identifying alternative methods is a good
approach because comparing two methods can provide a good basis for any evaluation. The candidate made a
judgement, but it was not clear why selling direct would be a better channel of distribution than using retailers.
The final few sentences were not relevant to the question and could have been omitted without affecting the mark
gained.
32
1 One mark is awarded for

understanding that a tariff is a type
of tax.
1 2 2 Using the word ‘import’ is

repetition of the question and shows
no further understanding. This is a
common mistake.
3
3 ‘More competitors in the
market’ identifies one reason. The
rest of the answer can be omitted
4
as it adds no rewardable content.
4 This answer is incorrect

5 because it identifies a factor
affecting demand which is a
different question.
5 Another incorrect answer,

which even if correct, would not
6 gain credit as it is the third answer.
6 The candidate confuses the

business cycle with the product
life cycle. However, under positive
marking, the candidate can gain
1 mark for mentioning growth, as
this is also a stage in the business
cycle.
33
7 Recognising that the number of

imports will decrease gains 1 mark.
7
8 This sentence repeats the
knowledge mark so can be omitted.
8
9 Clear explanation of the effect of
9 being able to import fewer materials
on production. However, there is no
use of material from the stem, such
as mentioning they import 45% of
10 its materials, which is necessary to
access application.
11
10 This answer is incorrect as the
candidate has confused appreciation
with exchange rate depreciation.
11 Mentioning backpacks does link

the answer to the scenario, however
as there is no relevant knowledge,
the application cannot be awarded.
34
12 Knowledge is awarded for the

idea of wide distribution.
13 The comment about ‘easier’ to

12 sell is vague, the candidate needed
to explain why or how this might be
the case.
13
14 The statement about no
14 investment on promotion or market
research was too vague to be
credited. Had they added that the
15 retailers will carry out or pay for
16 promotion, the second knowledge
mark could have been awarded.
17
15 Understanding that more
retailers could increase sales shows
simple analysis. Note, the analysis
can appear before the knowledge
18
where the points are clearly
connected.
16 The statement about no

investment on promotion or market
research was too vague to be
credited. Had they added that the
retailers will carry out or pay for
promotion, the second knowledge
mark could have been awarded.
17 The candidate recognises there

are other channels of distribution
but does not identify any. Had they
done so, this could have gained a
knowledge mark.
18 Comments about brand image

can only be analysis because on
its own, it does not answer the
question. As there is no relevant
knowledge, this point cannot be
credited.

7 out of 20
35

• (a) One mark was awarded for a partial definition. However, the answer lacked the necessary precision to gain the
second mark. The candidate simply reused words from the question which did not define the term.
• (b) One mark was awarded for the first reason, although the answer could have stopped after ‘competitors’.
The question only required candidates to identify points, and answers did not need to be written as part of a full
sentence.
• (c) This candidate confused the product life cycle and the business cycle. This is a common mistake. However, the
reference to growth could be awarded as this is a stage of the business cycle.
• (d) The candidate was awarded 2 marks for explaining that the number of imports may decrease which could lead
to ‘lower output’ being produced. However, the answer was generic which means it could apply to any business.
Had they mentioned what was being produced, namely school backpacks, this would have clearly linked the point
to the scenario and gained application marks. The statement about ‘cost higher’ was wrong as this did not identify
any effect of exchange rate appreciation on imports.
• (e) The candidate hinted at three different points but only one was identified and explained. Comments such as
‘easier’ need further clarification to be credited to show how or why this may be the case.
36

1 understanding of a tariff. The use
of the word ‘limitation’ confuses the
term with a quota.
2 One mark is awarded for a

relevant reason.
2
3 understanding as demand is not a
reason why some markets become
more competitive.
4
4 This word is vague. Candidates
should always include reference
to why or how it is different, and
not simply state that something is
different.
5 No awardable content. The

candidate identifies economic
sectors instead of stages of the
5 business cycle.
6 6 One relevant effect is identified.
7 7 There is no attempt to link

8 this point to the context. Had the
candidate mentioned what was
being produced, namely backpacks,
it could have gained 1 mark for
application.
8 This part of the answer is

9
confused. The question is about
quotas, so candidates should avoid
any reference to tariff, as this is a
different type of trade barrier.
9 This statement is incorrect as

the question is about importing
materials and not selling.
37
10 The answer starts with a

decision but at this stage there is no
knowledge or analysis to support it.
10 11 Knowledge mark is awarded for

identifying retailers will buy in higher
amounts.
11
12 Instead of analysis, the
candidate repeats the knowledge
point.
12
13 The comment about ‘well-
known’ is too vague to credit. This
13 question is about the advantages
or disadvantages to manufacturers.
Even if the candidate was
attempting to explain that the
14 retailer is well-known, it could not
gain credit until they showed how
would this help the manufacturer.
14 This statement adds nothing

to the answer because it is unclear
what the candidate means by ‘make
prices cheaper than usual’.

3 out of 20
38

• (a) The candidate showed no understanding of a tariff. It is important to learn key terms and definitions.
• (b) The candidate identified one relevant reason. The second answer lacked clarity. The reference to demand
showed no understanding of the topic being assessed in the question. Care is also needed when using words such
as ‘different’ – on its own, it is vague. Candidates should include the reason why or how something is different.
• (c) This answer demonstrated no understanding of the business cycle.
• (d) The candidate correctly explained one effect of quotas being introduced – namely lower production. The
answer could be improved if application was included as part of the answer, e.g. fewer backpacks being produced.
The reference to tariffs was misleading as the understanding referred to quotas. It might be that the candidate
mentioned tariffs to access application, but this was not clear. It is safer to avoid using these two concepts in the
same answer unless the question specifically asks to do so. The second part of the answer was incorrect as it
discussed the effect of selling products, but the focus of the question was on importing raw materials. It is important
to answer the question set.
• (e) The candidate started their answer with a decision. However, because they had not offered any justification for
this decision, it cannot be awarded any marks. The candidate was awarded 1 mark for identifying an advantage of
using retailers as a channel of distribution. However, the development was not awarded because it simply repeated
the knowledge. Candidates should be encouraged to clarify points to ensure the meaning is clear.

(a)
• A common mistake was to confuse the term with a quota.
• Some identified reasons why tariffs are introduced, which is a different question.
• Some responses lacked precision referring to costs or prices instead of tax. Using the appropriate technical terms
should be encouraged.
(b)
• Many identified factors affecting demand instead of reasons why some markets are more competitive.
• Some repeated similar points for both reasons which will only be awarded once.
• Candidates should be encouraged to identify key words in the question to ensure responses answer the correct
question.
(c)
• A common mistake was to confuse the business cycle with the product life cycle.
• Some candidates described each stage, which was unnecessary. A single word answer is all that is needed for
each response to access the mark.
(d)
• Many candidates confused the effects of appreciation with depreciation in the exchange rate.
• Some candidates did not link their answers to the context, so could not access the application marks. Simple ways
to do this include appropriate references to the product being made or using relevant numbers to support points.
• Some candidates did not develop the points they made to show how this might affect the business.
• Instead of development, some candidates identified new points, or repeated the original knowledge already
credited.
(e)
• Some identified advantages or disadvantages to retailers, wholesalers or customers instead of manufacturers. It is
important to read the question carefully to ensure the answer has the correct focus.
• Some made vague statements about speed, cost and prices which needed further clarification to award.
• Part (e) questions are general questions, so linking points to the context is unnecessary.
• Most candidates struggled to develop points. Candidates should be encouraged to use connectives such as ‘this
means’ or ‘therefore’ to help encourage analysis.
• Many candidates did not offer a decision. Without a decision, the candidate cannot access the evaluation marks.
39
Question 4
1 Recognising that retained profit

is what is left after shareholders
take their dividend shows some
understanding. Had the candidate
added that this profit would then be
1 reinvested back into the business it
would have gained full marks.
2 One mark is awarded for

2
understanding an asset is owned by
the business.
3
3 Mentioning the correct time
element gains the second mark.
4 4 The candidate identifies a

relevant reason.
5 5 Understanding that this

business is selling clothing is
sufficient to gain application mark.
6
6 A second reason is identified.
7
7 Recognising the business has
8
four shops clearly links this point to
the context.
8 These extra words can be

omitted as they add nothing to the
answer.
40
9 One effect on employees is

identified.
9
10 The reference to 30 is good
application. For questions about
employees, using numbers is a
10 good way to link answers to the
context.
11
12 11 The comment about new

managers is unnecessary as the
14 question does not ask candidates to
13 explain why promotions arise.
12 Explaining a promotion could

15 result in an increase in income for
employees is good analysis.
13 The candidate shows

16
knowledge of an effect on suppliers.
14 Linking the point to what is

being sold is relevant application.
15 This sentence repeats the

knowledge point but from the
viewpoint of the retailer, which is
unnecessary.
16 There is an attempt at analysis,

but this is not awarded. The
comment is vague as higher sales
do not necessarily result in higher
profit because this is dependent
on what happens to the associated
costs.
41
17 Understanding debt can be

obtained quickly gains 1 mark.
17
18 It is unclear what the candidate
means by this statement. They
18 needed to explain what or how
being able to use funds quicker
would help the business. For
19 example, having access to funds
20 more quickly could allow them to
expand more quickly.
21
19 A disadvantage of debt is
identified. Both knowledge marks
have been awarded at this point.
22
20 Analysis mark is awarded for
the idea that interest could lead
23 to higher costs. It is important
that candidates are clear in their
24 explanations.
21 Stating shares as a permanent

source of finance is knowledge but
will gain no credit as two knowledge
marks have already been awarded.
However, any relevant development
can be credited. In this instance, the
comment ‘faster’ does not follow on
from the point made so it cannot be
awarded analysis.
22 A disadvantage of equity is
explained so the second analysis
mark is awarded.
23 The candidate makes an

unsupported decision, as the
reason given does not explain
why equity is better than debt.
For evaluation, they needed to
compare the relative merits of debt
and equity as the basis for their
decision.
24 The reference to shareholders

is misleading, because one
disadvantage of a private limited
company is limited shareholders,
which could potentially restrict the
amount of finance that could be
raised.

16 out of 20
42

• (a) The candidate could have improved their answer by adding that the profit is reinvested back into the business.
• (c) This answer showed that two well-written sentences are sufficient to access all 4 marks. The candidate did not
need to add the extra words about keeping the business running.
• (d) The candidate clearly understood how each of the named stakeholders might be affected by the planned
expansion and made effective use of the source material to show good application. The comment about why
managers are needed was unnecessary and gained the candidate no additional marks. The candidate was
not able to explain the effect on suppliers of receiving more sales. To improve, they needed to explain the
consequence of this for the business, for example, more revenue.
• (e) The candidate effectively explained two points. They then decided equity was better than debt but there was
no supporting reason to back up this statement. Any evaluation must follow on logically from the points discussed,
and not hint at new points of knowledge. For example, they could have explained that the likely disadvantage of
having to pay interest is greater than the risk of less retained profit from paying dividends, as debts must be repaid
whereas dividends are optional.
43
1 This comment is too vague and

does not identify what this left over
profit represents or what happens
to it.
1 2 The candidate gains 1 mark for

understanding it is profit left over
2 after dividends have been paid. For
the second mark, they needed to
provide a precise definition of the
term.
3 The candidate provides a

4 partial definition and is awarded
1 mark for understanding that
a current asset is owned by the
business.
5 4 The reference to short term is

6 not specific enough as it does not
indicate the timespan. They needed
7 to add that short term was less than
one year.
8
6 Linking the knowledge to the

business having four shops is
relevant application.
7 The rest of this answer can be

omitted as the question does not
require detailed explanations.
8 This answer is incorrect and

shows no understanding of working
capital. While working capital
could be used to pay wages, it
does not directly influence whether
employees receive higher wages.
44
9 This statement is confused.

Does the candidate mean more
9 jobs are available or it would create
opportunities for employees to be
10
promoted? The first interpretation
does not answer the question, and
11 while the second part would be
correct, the examiner should not
12 be expected to guess the intended
meaning.
13 10 Mentioning that CPF plans to

expand is true, but this cannot be
awarded application mark, as the
14 candidate simply repeats words
from the question. To access the
mark, the candidate needs to use
a different reference to link the
15 point to the scenario. For example,
mention the number of employees,
namely 30.
11 Understanding that some

employees might have to relocate
gains one knowledge mark.
12 The candidate returns to the

idea of more jobs and attempts to
develop this to show the impact
on the local economy and not
the employees. So even if the
knowledge had been credited, this
explanation would not gain analysis.
13 A relevant effect on suppliers is

identified.
14 Recognising the business

would be supplying four shops is
relevant application.
15 Instead of analysis, the

candidate repeats the knowledge
point using different words. They
need to explain a benefit to the
business of having more sales,
such as increased market share or
higher revenue.
45
16 The comment about the

amount of money is vague as it is
16 17 not possible to know which source
would raise the larger amount.
18
17 Understanding debt requires
19 repayment and involves interest
gains the candidate both knowledge
marks in the same sentence.
20 18 The next few lines include

further examples of knowledge
but, as both marks have already
been gained, these statements
about security and small number
21 of shareholders will gain no further
credit. To access additional marks,
the candidate must develop one or
two points identified in their answer.
19 Candidates cannot gain two

knowledge marks for stating an
advantage of equity is no need to
repay, and then a disadvantage of
debt is it must be repaid as this is
repetition. Candidates must identify
two distinct points to access the
marks.
20 A decision is made but this

cannot be credited unless the
answer is supported with relevant
knowledge and analysis. While
this answer includes plenty of
knowledge, none of it has been
developed so there is nothing to
support the statement made.
21 This is repetition of an earlier

point.

9 out of 20
46

• (a) The candidate provided a partial definition. They could have developed this by stating that the leftover profit
would be reinvested back into the business.
• (b) This answer showed some understanding of the term ‘current assets’. The candidate could have improved their
answer by adding that the items are held for less than 12 months.
• (c) The command word only asks candidates to outline points, so they do not need to include detailed
explanations. The second answer did not outline why working capital is important. While it can be used to pay
wages, this would be an example of reason one, so would be classed as repetition. To access the second mark,
the candidate needed to outline one of the other reasons listed in the mark scheme.
• (d) The candidate correctly identified two effects, but only one was in context. Neither point was successfully
developed. To improve their answer, the candidate needed to explain the effect on employees and suppliers of
relocation and high demand respectively. For example, relocation could demotivate employees as they must spend
more time travelling to the new location. Had they also included the number of employees, then the answer could
have gained all 3 marks for the first part of the question.
• (e) The candidate provided two relevant disadvantages of using debt in the first sentence. However, neither point
was developed to explain the possible consequence of the need to repay or interest for a business. For example,
paying interest would increase cash outflows. The candidate stated their decision, but there was no analysis or
justification offered to support their point of view.
47
1 The candidate tries to define

profit, not retained profit.
1

understanding of current assets.
2
3 Mentioning property is
3 inaccurate as this is a non-current
asset.
4 The first reason is outlined

but there is no application. Had
4 the candidate then mentioned the
expenses might involve paying rent
for the four shops or paying the 30
employees, this could have gained
an additional mark.
5 The second reason is incorrect

5
as working capital is necessary for
short-term purposes and not to fund
expansion.
48
6 One effect is identified.

6
7 The reference to the expansion is
not application because this is simply
7
repeating content from the question.
8 8 Had the candidate mentioned

9 the number of existing employees,
this could have counted as relevant
10 application.
9 Instead of analysis, the candidate

repeats the knowledge point. To gain
analysis, the candidate needs to
explain how its existing employees
might benefit from the promotion.
10 Although the comment ‘increases

the quantity being supplied’ could
have gained some credit, the
reference to raw materials means this
answer is incorrect. This is because
the candidate assumes CPF is a
manufacturer instead of a retailer.
11 Mark for (d) = 1 out of 6
12
11 The comment about ‘close
13 people’ is too vague to credit.
However, mentioning who these
people were, namely friends and
family does gain the first knowledge
mark.
14 12 A second mark for understanding
15 that a bank loan must be repaid is
awarded.
13 Another disadvantage is identified

but as all knowledge marks have been
awarded, this will not be credited.
To access additional marks, the
candidate must develop at least one
of the points made.
14 This question is about private

limited companies so comparisons to
other forms of business organisation
can be ignored.
15 Repetition of an earlier knowledge

point.

4 out of 20
49

• (a) The candidate did not demonstrate an understanding of retained profit. The comment about ‘minus the cost of
production’ may suggest a partial understanding of profit, but this is a different concept.
• (b) The question asks for a definition, so candidates should focus on providing an exact meaning of current assets.
There is no need to include examples as these do not define the term.
• (c) One reason was outlined, but there was no application. Using relevant examples from the scenario, for example,
mentioning the expenses might be connected to the four shops would allow the opportunity for a further mark.
• (d) The candidate showed good knowledge of the effect on employees but there was no awardable analysis or
application. Application should not be difficult to access, a simple reference to the number of existing employees
would be sufficient to link the point to the scenario. Analysis should develop a consequence of the knowledge point
made.
• (e) The candidate correctly identified two relevant points, however there was no analysis and therefore no
opportunity to access evaluation. To improve their answer, the candidate needed to develop an explanation of one
of the points they included. For example, they could have added that paying interest would increase expenses.

(a)
• A common mistake was to define profit or identify uses of profit, rather than providing a full definition of retained
profit.
• Some reordered the words of the question which showed no understanding of the term.
(b)
• A common mistake was to refer to ‘short period of time’ without specifying what this meant.
• Some repeated the word ‘asset’ or gave examples which do not define the term.
• Some confused assets with liabilities by saying the assets were owed. Candidates should be encouraged to learn
key terms.
(c)
• Most candidates found it difficult to outline two different reasons.
• Some confused working capital with profit.
• Many candidates did not attempt to link their answer to the scenario so missed out on the opportunity to gain
application. Any appropriate reference can be used if it makes sense in relation to the point being made.
(d)
• Many candidates ignored the fact that CPF was a retailer so incorrectly assumed suppliers would provide raw
materials to CPF. Candidates should take the context into account when identifying points.
• Some candidates struggled to explain the effect on suppliers. They must develop the knowledge point made to
show a consequence for the stakeholder.
• Explaining the effect on the business, rather than the stakeholder.
(e)
• Some candidates expressed the advantage of one source of finance as the disadvantage of the other. Whilst both
are technically correct, it is the same point and therefore will only be awarded once.
• Some candidates offered comparisons between a private limited company and a public limited company.
• Analysis must follow on from the knowledge point made.
• Instead of analysis, candidates tended to identify additional points of knowledge.
• Some decisions were unsupported, or simply repeated earlier points made in their answer.
50
Cambridge Assessment International Education
The Triangle Building, Shaftesbury Road, Cambridge, CB2 8EA, United Kingdom
t: +44 1223 553554
e: [email protected] www.cambridgeinternational.org
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Example Candidate Responses – Paper 1

Cambridge IGCSE / IGCSE (9–1)

Business Studies 0450 / 0986

0450 / 0986 / 7115 June 2023 Question Paper 12

How to use this booklet

Example Candidate Response – high Examiner comments

1 This response identifies one

2 Examples of decisions are

How the candidate could improve their answer

Common mistakes and guidance

Example Candidate Response – high Examiner comments

1 Correct reason. The second

2 Another correct answer. Both

3 The candidate identifies

5 This statement is vague. It does

6 Using relevant information from

9 There must be two different

Example Candidate Response – high, continued Examiner comments

10 A relevant benefit is identified.

11 Mentioning watches clearly

13 12 The candidate offers a relevant

13 A second benefit is identified.

15 The analysis needs more

Example Candidate Response – high, continued Examiner comments

16 The knowledge marks are

17 A decision is made, but listing

18 Explaining how unique products

20 The candidate explains how

Total mark awarded =

How the candidate could improve their answer

Example Candidate Response – middle Examiner comments

1 Two correct answers from the

2 Although it is good practice

Example Candidate Response – middle, continued Examiner comments

4 One effect is identified. There is

5 The reference to watches is

7 A benefit is identified. This is

8 No analysis as the comment

10 Here, the candidate attempts

Example Candidate Response – middle, continued Examiner comments

11 One knowledge mark for

14 13 Second advantage is identified.

14 The reference to flow

16 There is no decision about

Total mark awarded =

How the candidate could improve their answer

Example Candidate Response – low Examiner comments

1 ‘Make the employee know what

4 This answer is incorrect as

Example Candidate Response – low, continued Examiner comments

5 Understanding that total

7 The second answer is not

9 9 The response does not show

10 10 Simply stating ‘employees are

Example Candidate Response – low, continued Examiner comments

11 Cost can only be awarded as

13 A decision is made but what

Total mark awarded =

How the candidate could improve their answer