WorksheetsGCSE Business - Section 1
Total questions: 30
Worksheet time: 15mins
Which of these statements describes a competitor?
A business that sells something completely different
A business that sells a similar product but at a much higher quality and price
A business that sells a similar product at a similar level of quality and price
What does USP stand for?
Unique selling point
Unique selling price
Unique selling potential
What does ‘the interdependent nature of business activity’ refer to?
Businesses working closely together to achieve success
Businesses avoiding working with any other business
Where one department in a business works closely with one other department
What is the difference between goods and services?
Goods are intangible products that you experience, services are tangible goods
Goods are tangible products that you can touch, services are intangible experiences
Goods and services are both tangible products
Which of the following is a good?
A calculator
A taxi ride
A swimming lesson
What is a producer good?
A producer good is a good that consumers use
Producer goods are goods that businesses use to either produce other goods or in the provision of providing services
A producer good is an experience offered to customers by large businesses
What best describes a public sector business?
A business that is owned and run by individuals or shareholders
A business that provides a mixture of goods and services
A business that is owned and run by the government
Which is an example of a private sector business?
A school
A consumer electronics business
The emergency services
What four resources are needed to produce goods and services?
Land, labour, commercial and personal
Land, labour, durable and non-durable
Land, labour, capital, and enterprise
What best describes an entrepreneur?
A person that works in a business
A person that sets up a business
A group of people that work together to set up a business
Which of the following is not a characteristic of an entrepreneur?
Being hardworking
Determination
Not taking risks
What is a social enterprise?
A business that is set up to make money
A business that is set up for a challenge and personal satisfaction
A business that is set up to achieve objectives related to the community or environment
Which of the following is not an element that is included in a business plan?
Marketing mix
Stock market price
Sources of finance
What acronym is used when creating business objectives?
SWOT
SMART
PESTLE
Why would a bank primarily be interested in seeing a business plan?
To determine whether a business would be able to pay back a grant or mortgage
To determine whether a business would be able to pay back a loan or mortgage
To check a business’ aims and objectives
What is the difference between an aim and an objective?
An aim is the overall goal and objectives are the steps to achieve it
An objective is the overall goal and aims are the steps to achieve it
A aim is where the business wants to be in 10 years and the objectives are where the business wants to be in five years
What does the SMART acronym stand for?
Specific, measurable, agreed, realistic, time bound
Specific, marketable, agreed, realistic, time bound
Sales based, measurable, agreed, realistic, time bound
Which of these best defines a stakeholder?
Anyone who works for a business
Anyone with an interest in a business
Anyone who buys from a business
Which of these is a non-financial objective?
To make a profit of £6000 in the first 12 months
To use 100% renewable electricity within the first two years
To have a 5% market share of the coffee industry within 100 miles in 12 months
A business that offers good career progression is most likely to please which stakeholder group?
Suppliers
Managers
Government
What type of liability does a sole trader have?
Limited
Unlimited
Private
What is a private limited company often abbreviated as?
LTD
ARR
PLC
Who can a public limited company sell its shares to?
Anyone
Friends
Employees
Which of these is a benefit of being partnership?
There are more ideas in the business
The owners have to give away a share of the business profits
There is unlimited liability
Who owns an Worker co-operative?
The employees
Shareholders
The customers
Which of the following is a definition of the term ‘a takeover’?
When two or more businesses voluntarily join together
When two businesses work together to design a new product
When one business buys enough shares in another business to control it
What is hiring more staff an example of?
External growth
Internal growth
A merger
What do economies of scale result in?
Lower unit costs
Unchanged unit costs
Higher unit costs
What name is given to a business who sells the rights to use the business name and products?
Franchisee
Franchisor
Conglomerate
Which type of external growth involves a range of different businesses being merged or taken over?
Forward vertical
Conglomerate
Horizontal
