OCR Business 1.1 Spec Quiz

Which of the following is a good?

• A calculator

• A taxi ride

• A swimming lesson

Which of the following is a possible risk for someone who runs their own business?

• Business success

• Financial loss

• Profit

Which of the following is a want?

• Food

• Warmth

• Games console

Which of the following best defines a need?

• Something that is essential for survival

• Something that it would be nice to have

• Something that makes life easier

Which of these is an example of an innovation?

• A car company making both petrol and diesel cars

• A lightbulb being adapted to become an energy-efficient LED lightbulb

• Coming up with a new idea that nobody has thought of previously

What is the purpose of business activity?

• To produce goods and services that customers want

• To provide goods and services that nobody wants

• To only produce goods and services that meet basic needs

What is an invention?

• Changing the packaging of a product to extend its life cycle

• Changing a product to make it better

• Creating a new idea or product that did not previously exist

Which of the following is a service?

• A handbag

• A biscuit

• A car wash

Which of these is a common reward for a successful business?

• Risk

• Profit

• Lack of security

An entrepreneur will organise land, labour and which other type of resource?

• Time

• Capital

• Enterprise