Teacher 1 Recap AS Business

What is the purpose of business activity?

• To unsatisfy customers

• To grow

• To meet the needs of customers

• To beat competitors

What are the four factors of production

• Land, labour, enterprise, money

• Land, Enterprise, Capital, Money

• Production, Land, Services, Goods

• Land, Labour, Capital, Enterprise

What is added value?

• The difference between the cost of the bought-in materials and the selling price

• The difference between the expenses and profit of a business

A business sells product X instead of product Y - product Y is known as the.....

• Cost leftover

• Opportunity cost

• Additional cost

• Cost

The definition of an entrepreneur is

• Someone who takes the financial risk of starting and managing a business

• Someone who starts a business

• Someone who manages the risk of a business

• Someone who has an idea to start a new business

What is NOT a characteristic of an entrepreneur?

• Innovative

• Impatient

• Multi-skilled

• Committed

What is the key term which describes the day to day expenses of a company

• Working money

• Working capital

• Working profit

• Working cost

What are the three types of sectors of industry?

• First, second and third

• Primary, Secondary and third

• Primary, Second and Tertiary

• Primary, secondary and tertiary

Social enterprises often have three aims - economic, social and environmental. This is known as the....

• Triple Bottom Line

• Triple Big Line

• Trading Blocks

• Hierarchy

Industry may be classified into public and private sector. Private sector businesses have the main aim of:

• Customer satisfaction

• Customer profile

• Profit

• Increased environmental responsibility