Business revision week 20

There are four factors that can influence the location decisions of a business. The proximity to competitors, labour, market and what else?

• MOTORWAYS

• MATERIALS

• LANDMARKS

• PORTS

Answer explanation

The fourth factor that can influence the location decisions of a business is the availability of materials. This includes the availability of raw materials, transportation infrastructure, and other resources necessary for the business to operate. Additionally, the cost of these resources can also be a factor in the decision-making process.

Reorder the following components into the acronym to help you answer a question where you are asked to apply the concept of adding 'application' to gain more marks:

• Product

• Scenario

• Competitors

• Industry

Answer explanation

We use the acronym PICS to help add the detail required to exam question answers; this helps to show your understanding of the question in specific relation to the business situation described.

Match the following terms to the correct definitions:

• PRIMARY SECTOR

• Where raw materials are processed into useable products

• SECONDARY SECTOR

• The sector of industry relating to the extraction of raw materials

• TERTIARY SECTOR

• The industry sector in which services are provided

Answer explanation

Primary sector - extraction of raw materials e.g. fishing, farming, mining.

Secondary sector - manufacturing and construction e.g. car manufacturing, food production, building.

Tertiary - service sector e.g. tourism, retail, education.

What is the missing word?" Business __________ are the specific, measurable results that companies hope to maintain as their organisation grows.

Answer explanation

Business objectives are the specific, measurable results that companies hope to maintain as their organisation grows.

The main types of business ownership are a s​ (a)   , a (b)   , a private ​ (c)   company, and a ​ (d)   limited company.

• ole trader
• partnership
• limited
• public

Answer explanation

The main types of business ownership are a sole trader, a partnership, a private limited company and a public limited company.

Select the missing word from the list: Private limited and public limited companies have ​ (a)   ​ liability.

• limited
• unlimited

Answer explanation

Private limited and public limited companies have ​ ​ liability liability. Sole traders and partnerships have unlimited liability.

Unlimited liability means that the business owner or owners are personally responsible for all of the debts of the business, no matter what the value. Limited liability means that the business owner or owners are only responsible for business debts up to the value of their financial investment in the business. This means that a creditor can only take assets or finances belonging to the company.

Drag the correct term to the secondcolumn on Product Life Cycle diagram.

d

Introduction

Decline

Maturity

Growth

Answer explanation

Click on the area of Maslow's Hierarchy of Needs that represents our basic physiological needs.

Answer explanation

The first need in the pyramid represents our physiological needs. The second level represents our safety needs. The third level represents our love and belonging needs. The fourth is our self-esteem needs and the top level represents self-actualisation needs.

Have a moment to rest and draw any image you wish on the board (this is an unmarked task.

What are you being asked to write about if a question starts with the command word EVALUATE?

Answer explanation

If a question starts with the command word "Evaluate," you are being asked to make a judgment or opinion about a particular topic or issue. This could involve analyzing the strengths and weaknesses of an argument, assessing the effectiveness of a policy or program, or comparing and contrasting different approaches to a problem. You should provide evidence to support your opinion and explain why you think the way you do.