Recap of topic 1

What is a primary sector business?

• Working with the extraction of raw materials

• Making this either by manufacturing or construction.

• Providing a service.

Cash flow is an important objective for a business. This involves money flowing .................... and out of the business.

What are social and ethical objectives?

• Concerned with the aim of maximizing profit.

• Considering how a business can continue to trade over a period of time and not cease.

• Targets that relate to matters such as providing employment for people or improving facilities.

• Where a firm produces an increased range of unrelated goods and services.

Cash flow is important, as it is essential to pay d...... on time.

What is profit?

• Money made from sales

• Money left after all costs have been taken away

• Money owed to the business

• Money flowing out of the business

Fixed costs d.......... n............ change with output.

Which one of the costs below is not a variable cost.

• Raw materials

• Staff who are paid per piece

• Managers salaries

• Fuel

Which formula is used to calculate sales revenue:

If a business sells 4000 units of Brand X at £4 each, what is the total revenue?

Nissan manufacture cars, which industry is this in?

• Primary Sector

• Secondary Sector

• Tertiary Sector

• Quaternary Sector