Week 1

What is the main purpose of a business according to the summary sheet?

• To provide goods and services

• To make a profit for shareholders

• To create jobs for the community

• To compete with other businesses

Which of the following is an example of a service?

• A mobile phone

• Banking

• A packet of crisps

• A pair of shoes

What is the difference between consumer goods and producer goods?

• Consumer goods are for personal use, while producer goods are used to produce other goods and services

• Consumer goods are cheaper than producer goods

• Producer goods can be bought in stores, while consumer goods cannot

• There is no difference; they are the same

Which sector includes businesses like hospitals, schools, and the fire service?

• Private sector

• Public sector

• International sector

• Non-profit sector

Who are considered stakeholders in a business?

• Only the owners and shareholders

• Only the customers

• Government and competitors

• Individuals or groups with an interest in the operation of a business

What is an entrepreneur?

• A person who invests money and gets a share of the profit called dividends

• A person responsible for setting up and running a business

• A person who buys goods and services

• A person who works for the government

What do EMPLOYEES depend on businesses for besides their salary?

• Job security and opportunities for promotion

• Government legislation

• Business failure

• Maximising market share

What is one of the roles of MANAGERS in a business?

• Lending money to businesses

• Providing raw materials

• Running departments such as human resources and finance

• Impacting the local community

Who might FINANCIERS be?

• Employees looking for job security

• Banks or individuals such as family members

• Managers controlling resources

• Suppliers providing raw materials

What do SUPPLIERS want in return for providing good quality resources at reasonable prices?

• Clear objectives for the business

• Prompt delivery and regular orders

• Financial rewards such as bonuses

• To maximise sales