Business Level 1

What is a business?

• A business is any organisation that makes or sells goods.

• A business is a small company that makes or sells goods or provides a service.

• A business is any organisation that makes or sells goods or provides a service

• a business is a large company that provides a service

What are goods?

• Goods offer a service such as taxi or hairdressing

• Goods are physical products such as burgers and cars

• Goods are non physical products such as pens and pencils

• Goods are non of the above

What is a service?

• Services are non physical items such as a dog walking service

• Service is a physical product such as trousers and jumpers

• Services are goods such as pens and pencils

• Service is non of the above

What is a merchandising business?

• a business which buys products with the intention of using them as materials in making new products, combines raw materials, labour and factory overheads. The finished goods are then sold onto customers.

• A business which provides products with no physical form, such as offering professional skills, expertise, advice and other services.

• A business which buys products at wholesale price and sells on at retail price, a merchandising business sells the product on without changing its form.

• A merchandising business is non of the above

What is a manufacturing business?

• A business which buys products with the intention of using them as materials in making new products. This combines raw material, labour and factory overheads. The finished goods will then be sold to customers.

• A business which buys products at wholesale prices and sells them on at retail prices. This type of business sells the product without changing the products form.

• A business which provides products with no physical form, offers professional skills, expertise, advice and other services.

• A manufacturing business is non of the above

What is a service business?

• A business which buys products at wholesale prices and sells at retail, this business does not change the form of the product.

• A business which buys products with the intention of using them as materials in making new products.

• A business which provides products with no physical form, offering professional skills, expertise, advice and other services.

• A service business is non of the above.

What is an entrepreneur?

• A person who sets up a business/ businesses taking on financial risks in the hope of a profit.

• A person who sets up a business with no risks

• A person who is extremely talented and therefore their business is sure to succeed

• The CEO in every organisation

What are the characteristics of a entrepreneur?

• Lazy, unmotivated and uncreative

• Motivation, creativity and persuasive

• non flexible, no vision or no drive

• Drive, Vision, openminded and flexible

Which of the following is an example of a Service?

• A bus stop

• A bus driver

• a bus journey

• a bus station

Which of the following are example of rewards?

• Personal loss, loss of money

• Success, profit, progression

• Opportunities and lifestyle

• Relationships and friendships