2026 Cambridge IGCSE Enterprise (0454) 模擬試題連答案詳解

Features of a partnership include: shared ownership by two or more people, shared management responsibilities, sharing of profits and losses according to a partnership agreement, and unlimited liability for general partners.

1 mark per valid feature identified (up to a maximum of 2 marks) [AO1]:
- Owned by two or more people / 2 to 20 partners
- Partners usually have unlimited liability
- Profits and losses are shared
- Shared decision-making / management responsibility
- Governed by a partnership agreement / deed of partnership
- Not a separate legal entity from its owners.

External stakeholders are groups or individuals outside the enterprise who are affected by its operations and decisions. Examples include customers, suppliers, lenders/banks, local government, and the local community.

1 mark per valid external stakeholder identified (up to a maximum of 2 marks) [AO1]:
- Customers / consumers
- Suppliers
- Lenders / banks / financial institutions
- Local community / local business community
- Local government / government authorities

Do not accept internal stakeholders (e.g. employees, managers, owners, shareholders).

The three stages in the negotiation process according to the syllabus are: planning, conducting the negotiation, and measuring success.

1 mark per valid stage identified (up to a maximum of 2 marks) [AO1]:
- Planning (setting objectives / choosing evidence / considering arguments)
- Conducting the negotiation (setting the tone / presenting proposal / bargaining / reaching agreement)
- Measuring success (evaluating outcomes / assessing what went well).

Fixed costs are business expenses that remain constant regardless of the quantity of goods or services produced (for example, rent or insurance).

Award marks as follows [AO1]:
- 1 mark for: costs that do not change / remain constant / stay the same
- 1 mark for: with the level of output / production / sales volume.

Example complete response: Costs that do not change (1) when output changes (1).
Note: Do not award marks for examples alone (e.g. 'rent') without the core definition.

An enterprise can measure customer satisfaction using feedback questionnaires, tracking customer complaints or compliments, mystery shopper reports, and focus groups.

1 mark per valid method stated (up to a maximum of 2 marks) [AO1]:
- Feedback questionnaires / customer surveys
- Recording/monitoring the number of complaints (or compliments)
- Mystery shopper feedback reports
- Focus groups / customer interviews
- Tracking repeat purchase rates / customer retention figures.

An entrepreneur operating as a partnership gains several key advantages over a sole trader:
1. Shared workload and decision-making: Partners can divide managerial duties according to their individual skills and expertise, reducing workload and stress.
2. Increased access to capital: Multiple partners can contribute their own personal funds, making it easier to raise startup and expansion capital than relying on a single owner.

1 mark per valid advantage described (maximum 2 marks).

Points may include:
- Shared decision-making / partners bring complementary skills and specialist knowledge [1]
- Shared workload / allows cover during sickness or holidays [1]
- Ability to raise more capital / multiple owners can invest personal funds [1]
- Shared financial risk / losses are shared among all partners [1]

Do not accept 'limited liability' (standard partnerships have unlimited liability).
Do not accept vague statements such as 'makes more money' without explanation.

Advances in technology create new enterprise opportunities through:
1. E-commerce platforms: Entrepreneurs can set up online shops to access international customer markets with low overhead costs.
2. Innovative product development: Technological breakthroughs enable new goods and services to be created, such as wearable gadgets, digital apps, or cloud storage solutions.
3. Digital communication and marketing: Social media and search engines offer cost-effective ways to identify, target, and communicate with potential customers directly.

1 mark for each valid way described (maximum 3 marks).

Points may include:
- E-commerce / online selling allows access to wider or global markets without physical retail premises [1]
- Development of new products/services (e.g. mobile apps, streaming services, smart devices) [1]
- Digital marketing / social media enables direct, targeted, and low-cost promotion to consumers [1]
- Automation / improved production techniques lower unit costs and improve production feasibility [1]
- Cloud computing / remote communication tools reduce startup overheads and office costs [1]

Do not award marks for general descriptions of technology that are not linked to creating new business opportunities.

During the planning stage of a negotiation, an entrepreneur should:
1. Set clear objectives: Determine the target outcome and the minimum acceptable terms (the bottom line) before entering the discussion.
2. Gather evidence and prepare arguments: Collect relevant facts, price data, or market evidence to support their proposal and anticipate potential counter-arguments.

1 mark per valid action described for the planning stage of negotiation (maximum 2 marks).

Points may include:
- Setting clear objectives / identifying ideal and minimum acceptable outcomes (bottom line) [1]
- Gathering evidence / facts / costings to justify proposals [1]
- Identifying strengths, benefits, and weaknesses of the proposal [1]
- Preparing arguments and anticipating likely counter-arguments [1]
- Researching the needs / priorities of the other party [1]

Do not accept actions that belong to conducting the negotiation (e.g. setting the tone, presenting proposal) or measuring success.

An entrepreneur's attitude to risk influences their decision-making in distinct ways:
- Risk-averse: Prefers certainty and avoids risky ventures, choosing low-risk options to protect existing capital even if returns are limited.
- Risk-reducer: Willing to take calculated risks but takes active steps to minimise, manage, or insure against potential negative outcomes.
- Risk-keen: Readily embraces high-risk opportunities in pursuit of substantial financial returns or competitive advantages.

1 mark for each accurate description of an attitude to risk (maximum 3 marks):

- Risk-averse: Prefers to avoid risk / chooses safe or low-risk options / prioritises security over potential rewards [1]
- Risk-reducer: Takes calculated risks but takes steps to manage, control, or minimise potential losses (e.g. market research, contingency planning) [1]
- Risk-keen: Actively seeks out / willingly accepts high levels of risk in pursuit of high potential rewards [1]

Do not award marks for simply repeating the term without explanation (e.g. 'risk-keen means they are keen on risk').

(a) Contribution per unit = Selling price per unit - Variable cost per unit
Contribution = $12 - $4 = $8

(b) Break-even output = Total fixed costs / Contribution per unit
Break-even output = $480 / $8 = 60 canvas bags

(c) Method 1: Total Revenue - Total Costs
Total Revenue = 90 × $12 = $1080
Total Variable Costs = 90 × $4 = $360
Total Costs = $360 + $480 = $840
Profit = $1080 - $840 = $240 profit

Method 2: Margin of Safety × Contribution
Margin of Safety = 90 - 60 = 30 bags
Profit = 30 × $8 = $240 profit

(a) [2 marks]
• 1 mark for correct method / working: $12 - $4 [AO1]
• 1 mark for correct answer: $8 [AO2]

(b) [2 marks]
• 1 mark for correct formula / method: $480 / 8 (or Fixed costs / Contribution per unit) [AO1]
• 1 mark for correct answer: 60 (canvas bags) [AO2]
Note: Apply Own Figure Rule (OFR) if candidate uses incorrect contribution from part (a).

(c) [2 marks]
• 1 mark for correct method: e.g. Total Revenue ($1080) - Total Costs ($840) OR (90 × $8) - $480 OR (90 - 60) × $8 [AO1]
• 1 mark for correct calculation and stating profit: $240 profit [AO2]
Note: Award 1 mark if candidate calculates $240 but fails to identify it as a profit. Apply OFR from previous parts.

An advantage of a partnership is sharing skills, responsibilities, and workload. In Tariq's bakery, partnering with a specialist pastry chef means Tariq does not have to manage every recipe and baking task alone. This division of labour and combined expertise allows the bakery to produce a wider variety of goods efficiently while reducing Tariq's individual workload.

1 mark for identifying a relevant advantage of a partnership [AO1].
1 mark for application to Tariq's bakery / pastry chef context [AO2].
1 mark for explaining the impact/benefit on the enterprise [AO3].

Example points:
- Shared workload / division of tasks [1] -> pastry chef handles specialty items while Tariq focuses on standard bread [1] -> leading to higher output / less individual stress [1].
- Additional capital contributed [1] -> can invest in new bakery ovens/equipment [1] -> leading to faster business growth [1].

Do not award marks for advantages of limited companies (e.g. limited liability).

Changes in government regulations create opportunities by shifting consumer and business needs. Because the local council has introduced strict rules and higher taxes on toxic chemical cleaners, local commercial clients will seek compliant, non-toxic alternatives. Priya can target these businesses with her eco-friendly service, capturing unmet market demand and establishing a competitive advantage.

1 mark for identifying how government policy/regulations create business opportunities [AO1].
1 mark for applying to Priya's eco-friendly cleaning service and the council regulations [AO2].
1 mark for explaining the resulting enterprise benefit/outcome [AO3].

Example:
- Regulations increase costs/penalties for traditional chemical users [1] -> local companies search for non-toxic cleaning services to comply with council rules [1] -> resulting in higher customer demand and revenue for Priya's eco-cleaning enterprise [1].

Formal sources of help, such as a government enterprise agency, provide professional, experienced, and objective advice. When preparing a cash flow forecast for his mobile bike repair business, Daniel receives guidance based on standard financial practices and realistic market data. This ensures accurate budgeting and reduces the likelihood of cash shortfalls, whereas family or friends may lack specific financial and business planning expertise.

1 mark for identifying a feature/benefit of formal sources of support (e.g. professional expertise, objectivity, specialist knowledge) [AO1].
1 mark for applying to Daniel's bicycle repair enterprise / cash flow forecasting [AO2].
1 mark for explaining the outcome/impact on the enterprise (e.g. reliable financial planning, avoidance of cash flow crisis) [AO3].

Preparing counter-arguments is a key part of negotiation planning because it allows an entrepreneur to anticipate potential objections. If the market manager argues that reducing Maya's stall rent will lower market revenue, Maya can counter by demonstrating that her unique soy candles will attract new footfall and promote the market. Being prepared allows her to remain confident, negotiate persuasively, and secure a mutually acceptable rental fee.

1 mark for understanding the role/purpose of counter-arguments in negotiation planning [AO1].
1 mark for application to Maya's negotiation for candle stall rent with the market manager [AO2].
1 mark for explaining the outcome/benefit of having prepared counter-arguments [AO3].

Example:
- Anticipating objections helps overcome resistance [1] -> if the manager claims stall space is high-demand [1] -> Maya can show how her candles bring foot traffic, leading to an agreed lower fee [1].

Liam can minimise the risk of spoilage and financial loss by using frozen fruit or ordering smaller, daily batches based on live weather forecasts. Alternatively, he could negotiate a sale-or-return agreement with fruit suppliers. By reducing upfront perishable purchases, unsold stock will not spoil, thereby lowering waste and protecting his profit margins if attendance drops during rainy days.

1 mark for identifying a valid risk management strategy (e.g. buying non-perishable/frozen stock, flexible ordering, sale-or-return, pre-orders) [AO1].
1 mark for application to Liam's smoothie stall / outdoor sports festival [AO2].
1 mark for explaining how this minimises the financial/production risk [AO3].

An action plan is a working document used to track progress against targets. By monitoring and updating the plan regularly, Anita can check whether tasks (such as preparing tutoring materials or completing tutor background checks) are on schedule. If a team member falls behind, she can reallocate tasks or adjust completion dates, preventing delays and ensuring the tutoring agency launches smoothly.

1 mark for identifying the purpose of monitoring/updating an action plan (e.g. tracking progress, identifying delays, reallocating resources) [AO1].
1 mark for applying to Anita's tutoring enterprise and team members [AO2].
1 mark for explaining the consequence/benefit to the enterprise [AO3].

A loyalty scheme encourages customer retention by rewarding continued patronage. For Carlos's graphic design enterprise, offering discounts or perks on future branding and design projects gives existing business clients a tangible financial benefit to stay with him. This discourages them from hiring competing graphic design agencies, leading to repeated design contracts and predictable cash flow.

1 mark for knowledge of customer retention methods / loyalty schemes [AO1].
1 mark for applying to Carlos's graphic design clients and design projects [AO2].
1 mark for explaining how the scheme leads to repeat business / customer retention [AO3].

Resourcefulness is the ability to find quick, clever, and practical ways to overcome difficulties and make effective use of available resources. When Fatima's delivery failed right before the trade fair, rather than giving up, she took immediate initiative to locate alternative local textile stock, secured a bulk discount to manage costs, and reorganised her printing schedule. This problem-solving approach ensured her customer orders were completed on time.

1 mark for understanding the enterprise skill of resourcefulness (finding practical solutions / adapting when facing obstacles) [AO1].
1 mark for application to Fatima's supplier failure / canvas tote bags / trade fair [AO2].
1 mark for explaining how her specific actions solved the problem and ensured enterprise success [AO3].

A complete response must analyse two distinct risks in the context of SpokeWorks:

1. Financial/Economic Risk (Fluctuating Demand and Competition):
- Context: Target market is university students; bookings dropped by 70% during wet weather; rival physical shop introduced a 20% student discount.
- Analysis: Variable demand means cash inflows are unstable and unpredictable. Because Tariq invested his personal savings of $4,500, periods of low sales lead to negative net cash flows where running costs exceed revenues, risking business insolvency if cash reserves run out.

2. Operational/Production Risk (Single Supplier Dependency):
- Context: Relies on one local wholesaler who increased parts prices by 25%.
- Analysis: Relying on a single supplier exposes the business to price exploitation and stock shortages. A 25% cost hike squeezes profit margins per repair. If Tariq raises his prices to maintain margins, price-sensitive students may switch to the rival repair shop, reducing sales volume further.

Levels of response marking grid:

Level 3 (8–10 marks):
Candidate demonstrates good, sustained analysis of two risks, with detailed and consistent application to SpokeWorks throughout. Explains the multi-step chain of causes and consequences for the enterprise (e.g. impact on cash flow, pricing strategy, customer retention, or survival).
- To achieve 10 marks, two distinct risks must be fully analysed with strong contextual links to SpokeWorks.

Level 2 (4–7 marks):
Candidate demonstrates some analysis of one or two risks, supported by relevant application to the case study.
- 4–5 marks: Analysis of one risk in context, or two risks described with limited applied analysis.
- 6–7 marks: Sound analysis of one risk in detail with application, or some analysis of two risks with context.

Level 1 (1–3 marks):
Candidate demonstrates basic knowledge of enterprise risks (e.g. financial risk, competition, supplier issues) with little or no application to the case study, or lists points without analytical development.

Level 0 (0 marks):
No creditable response.

### Model Response Outline

Option 1: Forming a Partnership with Nia
- Advantages:
- Complementary Skills: Nia brings valuable operational management experience, which directly addresses the enterprise's need to scale up bottling and distribution to hotel chains.
- Simple and Inexpensive Setup: A partnership is relatively simple to set up compared to incorporation; it requires fewer legal formalities and incurs lower administration costs.
- Direct Capital Injection: Nia injects the required $10,000 directly without accumulating debt or interest charges.
- **Disadvantages:**
- *Unlimited Liability:* Both partners remain personally liable for the debts of the enterprise, risking personal assets if the regional expansion fails.
- *Loss of Autonomy & Conflict:* Kofi must share control and key decisions with Nia; disagreements over operational changes or profit distribution could slow down business actions.
- *Profit Sharing:* Nia will receive 40% of future profits indefinitely.

**Option 2: Incorporating as a Private Limited Company**
- **Advantages:**
- *Limited Liability:* Kofi and the angel investor are only liable up to the amount invested in their shares, protecting personal assets against potential business losses.
- *Continuity and Legal Status:* The enterprise becomes a separate legal entity, making it easier to secure larger commercial supply contracts with regional hotel chains.
- *Retention of Majority Control:* Kofi retains 70% of voting shares, meaning he maintains strategic control while raising the required $10,000.
- Disadvantages:
- Administrative and Legal Complexity: Incorporation involves higher formation costs, mandatory filing of annual accounts, and stricter regulatory compliance.
- Loss of Privacy: Financial accounts must be submitted to the registrar of companies, reducing financial confidentiality.
- Investor Expectations: Angel investors may expect dividends and potentially exit strategies or influence over high-level governance.

Evaluation / Recommendation:
While forming a partnership with Nia provides immediate operational expertise and avoids legal red tape, incorporating as a private limited company is the better long-term choice for EcoClean Supplies. Supplying large hotel chains involves substantial commercial contracts, higher financial exposure, and increased risk. Limited liability offers vital protection for Kofi's personal assets. Furthermore, retaining 70% ownership ensures Kofi keeps strategic control while still securing the full $10,000 required for the automated bottling machine.

### Levels of Response Grid (15 Marks)

- Level 4 (12–15 marks):
Candidate offers a clear, balanced evaluation with well-developed, two-sided analysis applied thoroughly to the case study context. A substantiated conclusion/recommendation is given that directly weighs both options and justifies why one is superior based on the enterprise's circumstances.

- Level 3 (8–11 marks):
Candidate provides detailed analysis of the advantages and/or disadvantages of both options, with consistent application to the case study. The response moves toward an evaluation, though the final judgment may be incomplete or lack full justification.

- Level 2 (4–7 marks):
Candidate explains some advantages and/or disadvantages of a partnership and/or a private limited company. Application is present (e.g., references to the $10,000 machine, hotel chains, profit share, or Nia's skills), but analysis is limited or one-sided.

- Level 1 (1–3 marks):
Demonstrates basic knowledge of partnerships and/or limited companies (e.g., lists features like unlimited liability, shares, legal personality). Minimal or no application to the context; descriptive points only.

- Level 0 (0 marks):
No creditable response.

### Model Response Outline

Option 1: Forming a Partnership with Nia
- Advantages:
- Complementary Skills: Nia brings valuable operational management experience, which directly addresses the enterprise's need to scale up bottling and distribution to hotel chains.
- Simple and Inexpensive Setup: A partnership is relatively simple to set up compared to incorporation; it requires fewer legal formalities and incurs lower administration costs.
- Direct Capital Injection: Nia injects the required $10,000 directly without accumulating debt or interest charges.
- **Disadvantages:**
- *Unlimited Liability:* Both partners remain personally liable for the debts of the enterprise, risking personal assets if the regional expansion fails.
- *Loss of Autonomy & Conflict:* Kofi must share control and key decisions with Nia; disagreements over operational changes or profit distribution could slow down business actions.
- *Profit Sharing:* Nia will receive 40% of future profits indefinitely.

**Option 2: Incorporating as a Private Limited Company**
- **Advantages:**
- *Limited Liability:* Kofi and the angel investor are only liable up to the amount invested in their shares, protecting personal assets against potential business losses.
- *Continuity and Legal Status:* The enterprise becomes a separate legal entity, making it easier to secure larger commercial supply contracts with regional hotel chains.
- *Retention of Majority Control:* Kofi retains 70% of voting shares, meaning he maintains strategic control while raising the required $10,000.
- Disadvantages:
- Administrative and Legal Complexity: Incorporation involves higher formation costs, mandatory filing of annual accounts, and stricter regulatory compliance.
- Loss of Privacy: Financial accounts must be submitted to the registrar of companies, reducing financial confidentiality.
- Investor Expectations: Angel investors may expect dividends and potentially exit strategies or influence over high-level governance.

Evaluation / Recommendation:
While forming a partnership with Nia provides immediate operational expertise and avoids legal red tape, incorporating as a private limited company is the better long-term choice for EcoClean Supplies. Supplying large hotel chains involves substantial commercial contracts, higher financial exposure, and increased risk. Limited liability offers vital protection for Kofi's personal assets. Furthermore, retaining 70% ownership ensures Kofi keeps strategic control while still securing the full $10,000 required for the automated bottling machine.

### Levels of Response Grid (15 Marks)

- Level 4 (12–15 marks):
Candidate offers a clear, balanced evaluation with well-developed, two-sided analysis applied thoroughly to the case study context. A substantiated conclusion/recommendation is given that directly weighs both options and justifies why one is superior based on the enterprise's circumstances.

- Level 3 (8–11 marks):
Candidate provides detailed analysis of the advantages and/or disadvantages of both options, with consistent application to the case study. The response moves toward an evaluation, though the final judgment may be incomplete or lack full justification.

- Level 2 (4–7 marks):
Candidate explains some advantages and/or disadvantages of a partnership and/or a private limited company. Application is present (e.g., references to the $10,000 machine, hotel chains, profit share, or Nia's skills), but analysis is limited or one-sided.

- Level 1 (1–3 marks):
Demonstrates basic knowledge of partnerships and/or limited companies (e.g., lists features like unlimited liability, shares, legal personality). Minimal or no application to the context; descriptive points only.

- Level 0 (0 marks):
No creditable response.

Example Model Response:

In our enterprise project, 'Healthy Bites', we produced and sold homemade fruit smoothies during lunch breaks. Monitoring and updating our action plan was vital for two main reasons.

Firstly, it ensured that we kept strictly to critical deadlines so that our perishable products were ready on time. In our original action plan, we scheduled the procurement of fresh strawberries and bananas for two days before the sales event. However, while monitoring our progress against the schedule, we realised that our storage facilities lacked adequate refrigeration to keep the fruit fresh for 48 hours. By identifying this milestone early through regular progress checks, we updated the action plan to purchase the fruit the evening before the event. This prevented the ingredients from spoiling, avoided wasted expenditure, and ensured we had fresh stock ready to blend before the lunch rush began.

Secondly, monitoring and updating the plan allowed our team to reallocate roles and adjust tasks when unexpected human resource problems occurred. During the preparation phase, one team member responsible for designing and printing promotional posters fell ill. When checking our task tracker at our weekly meeting, we noted that marketing materials were behind schedule with only three days until launch. We immediately updated our action plan by reassigning the design tasks between two other members and allocating extra time after school. This reallocation ensured the posters were displayed in time across school corridors, which directly generated customer awareness and helped us achieve our target sales of 60 smoothie cups on launch day.

AO1 Knowledge and Understanding [2 marks]
AO2 Application [2 marks]
AO3 Analysis [6 marks]

Level 3 (8–10 marks):
- Candidate offers a detailed, developed analysis of two distinct reasons why monitoring and updating the action plan was important.
- The analysis is consistently and effectively applied to their own enterprise project with specific examples of actions, timings, or resources.
- Fully explains the cause-and-effect relationship between monitoring/updating the plan and the outcome/success of the enterprise.

Level 2 (4–7 marks):
- Candidate offers some analysis of one or two reasons why monitoring/updating the action plan was important.
- Includes some relevant application to their own enterprise project (e.g. mentions project products, roles, or events).
- At the lower end of the level (4–5 marks), points may be descriptive or only one reason is analysed with application.

Level 1 (1–3 marks):
- Demonstrates basic knowledge of action plans and/or monitoring (e.g. states that an action plan lists tasks and dates).
- Little or no application to their own enterprise project, or generic list of points.

Level 0 (0 marks):
- No creditable response.

Indicative Content:
Reasons for monitoring and updating an action plan may include:
- Tracking progress against key deadlines / milestones to avoid delays
- Managing and reallocating resources/budget when unexpected costs arise
- Addressing staff absence or workload imbalance by reassigning tasks
- Identifying potential risks/bottlenecks before they disrupt operations
- Ensuring regulatory or safety requirements are completed on time.

Indicative content for candidate's own project:

Candidates should identify the type of business organisation used in their own enterprise project (e.g. partnership, sole trader, limited company, social enterprise/co-operative) and compare it with at least one viable alternative.

1. Analysis of Chosen Type of Organisation (e.g. Partnership of 4 students):
- Advantages: Ability to pool capital together (e.g. $20 from each partner provided $80 start-up capital for buying baking ingredients), sharing workload and tasks (e.g. allocating finance, marketing, and production roles among members), shared decision-making and diverse skills.
- Disadvantages: Potential for disagreements or conflict over pricing or profit share, unlimited liability where all partners are responsible for debts, profit must be divided equally or by agreed ratio rather than kept entirely.

2. Analysis of Alternative Type of Organisation (e.g. Sole Trader):
- Advantages: Complete control over all decisions (e.g. immediate choices on product flavours without holding group meetings), keeps 100% of the profits made, simple to set up with no partnership agreement needed.
- Disadvantages: Unlimited liability falls on one person, full workload and time pressure during school hours, limited finance available from only one student's savings.

3. Evaluation / Judgement:
- A justified conclusion that weighs the relative merits and drawbacks within the specific context of their project. For instance, concluding that a partnership was the most suitable option because the scale of production required multiple team members to manage stall sales and split the financial investment, making the risk of disagreements worth managing compared to the excessive workload of a sole trader.

Level 4 (12–15 marks): Candidate provides a clear, reasoned evaluation comparing the chosen type of business organisation with at least one alternative. The response demonstrates consistent application to their own enterprise project, weighing advantages and disadvantages to reach a fully justified conclusion on suitability.

Level 3 (8–11 marks): Candidate analyses the advantages and/or disadvantages of the chosen organisation type and an alternative type with good application to their own enterprise project, leading towards an evaluation.

Level 2 (4–7 marks): Candidate explains or gives limited analysis of the advantages and/or disadvantages of types of business organisation with some application to their own project.

Level 1 (1–3 marks): Candidate demonstrates basic knowledge of types of business organisation (e.g. stating definitions or general features of a sole trader, partnership, limited company) with little or no application to their project.

0 marks: No creditable response.