Understanding Business Revision

Businesses that grow products and extract resources from the land belong to the

• Tertiary Sector

• Primary Sector

• Secondary Sector

Employees can have an influence on a business by

• Raising levels of taxation

• Taking industrial action

• Changing the selling price of the products

The abbreviation PESTEC is often used to define

• Both internal and external factors that influence a business

• Internal factors that influence a business

• External factors that influence a business

Land, labour, capital and enterprise are collectively known as

• Goods and services

• Business cycle

• Factors of production

More and more businesses are becoming active and involved in e-commerce. This is a result of

• Technological factors

• Environmental factors

• Political factors

An employee's main interest in a large company is likely to be

• Fair pay for the work they do

• Profit maximisation

• Ensure the organization does not damage the environment

Organisations run by central or local government are often referred to as

• Private sector

• Voluntary sector

• Public sector

A business owned by one person is called a

• Franchise

• Sole trader

• Small business

Business objectives are sometimes referred to as

• Rules and procedures

• Obstacles

• Goals and targets

A public limited company should have

• No maximum number of objectives

• One objective

• Between 2 and 5 objectives