AQA GCSE Business in the Real World Revision

What are the main factors of production in a business?

• Land, labor, capital, and enterprise

• Goods, services, needs, and wants

• Revenue, costs, profit, and loss

• Sole traders, partnerships, and companies

Which of the following is a type of business sector?

• Primary, secondary, and tertiary

• Revenue, costs, and profit

• Sole traders, partnerships, and companies

• Needs, wants, and services

What is the importance of limited liability in business ownership?

• It limits the financial risk to personal assets

• It increases the profit margin

• It ensures higher revenue

• It reduces the need for stakeholders

What is a key reason for setting business objectives?

• To help management run the business

• To increase the number of stakeholders

• To reduce the cost of production

• To eliminate competition

What is a common aim of business planning?

• To outline the main sections of a start-up business plan

• To increase the number of employees

• To reduce the cost of goods

• To eliminate stakeholder conflict

How is a business defined according to the document?

• An organization that exists to produce goods and services on a commercial basis to customers

• A group of people working together for a common goal

• A place where goods are stored and sold

• A company that only provides services

What are goods?

• Activities provided by other people or businesses

• Actual objects that can be touched, felt, and held

• Services that cannot be stored

• Needs that must be consumed to survive

What is an example of a service?

• A flat-screen television

• A smartphone

• Booking a holiday

• A microwave

What is the definition of opportunity cost?

• The cost of producing goods and services

• The cost of choosing one option over another

• The cost of storing goods

• The cost of providing services

What is the difference between needs and wants?

• Needs are luxuries, wants are necessities

• Needs are essential for survival, wants are not

• Needs are services, wants are goods

• Needs are stored, wants are consumed