GCSE Business Units 1 to 4 Revision

What is an entrepreneur?

• A government official

• Someone who works for a charity

• A person who takes risks to set up a business

• A marketing consultant

One role of an entrepreneur is to:

• Avoid taking risks

• Work for someone else

• Organise resources

• Cut staff

What is a business aim?

• A short-term decision

• A long-term goal

• A legal document

• A slogan

What does adding value mean?

• Selling products for less than cost price

• Improving staff performance

• Increasing the difference between cost and selling price

• Cutting quality

Which of the following is an example of a calculated risk?

• Guessing business costs

• Ignoring competitors

• Making a decision based on research

• Refusing to innovate

A key reason for starting a business is:

• Reducing competition

• Gaining independence

• Avoiding taxes

• Lowering unemployment

What is revenue?

• Costs + profit

• Selling price × quantity sold

• Net profit – costs

• Total costs ÷ sales

One function of a business plan is to:

• Guarantee profit

• Ensure loans are unnecessary

• Help secure finance

• Pay less tax

A dynamic market is one that:

• Never changes

• Changes slowly

• Is constantly changing

• Operates only online

What is a good way to reduce the risk of failure?

• Ignore market trends

• Use market research

• Take on excessive debt

• Avoid competition