Edexcel GCSE Business 1.1 Enterprise and entrepreneurship

What is the difference between a good and a service?

• A good is a digital product, while a service is a physical product.

• A good is always free, while a service is always paid.

• A good is a physical tangible product, while a service is an intangible experience.

• A good is intangible, while a service is tangible.

What is the difference between a consumer and a customer?

• A customer is always online, while a consumer is offline.

• A consumer is always an adult, while a customer can be any age.

• A customer purchases the product, while a consumer uses the product.

• A consumer purchases the product, while a customer uses the product.

Which of the following is an example of a good?

• A haircut

• A smartphone

• A concert ticket

• A gym membership

Which of the following is an example of a service?

• A book

• A laptop

• A car repair

• A pair of shoes

What are reasons for new business ideas?

• Changes in population, changes in education, and a product becoming popular

• Changes in government policies, changes in weather, and a product becoming expensive

• Changes in technology, changes in consumer needs, and a product becoming obsolete

• Changes in advertising, changes in pricing, and a product becoming rare

What does it mean when a product is obsolete?

• It is expensive and hard to find.

• It is new and innovative.

• It is outdated and no longer in use.

• It is popular and widely used.

What is the purpose of payment platforms?

• To allow businesses to take online payments from customers

• To help businesses advertise their products

• To create physical stores for businesses

• To provide free products to customers

Which of the following is an example of a payment platform?

• PayPal

• Amazon

• Google

• Microsoft

What are risks faced by start-ups?

• Business expansion, increased customer base, and high revenue

• Business success, high profits, and financial stability

• Business partnerships, increased investments, and market growth

• Business failure, lack of financial security, and financial loss

What is a common risk in business?

• Start-ups often face risks such as product innovation, advertising success, and brand recognition.

• Start-ups often face risks such as increased investments, market growth, and customer loyalty.

• Start-ups often face risks such as high profits, financial stability, and business success.

• Start-ups often face risks such as business failure, lack of financial security, and financial loss.