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WorksheetsS3 Understanding Business
Total questions: 25
Worksheet time: 25mins
Why do businesses exist ?
To provide a good or service to customers/ make a profit
To fulfil customer’s needs and wants
To develop an idea/fill ina gap in the market
All of the previous answers
What is the difference between a need and a want ?
Goods are the products we can see and touch. True or False?
True
False
What are durable goods ?
Goods that can be used more than once
Goods thats cannot be used more than once
Which of the following are examples of non-durable goods?
Bread
Car
Coffee
Mobile phone
Which of the following are the Factors of Production?
Land
Labour
Buildings
Enterprise
Land
Labour
Capital
Enterprise
Land
Wages
Capital
Enterprise
Describe the role of an entrepreneur
What are the Sectors of Industry?
Primary
Secondary
Public
Primary
Secondary
Tertiary
Private
Public
Third
The secondary sector involves providing a service. True or False?
True
False
What do organisations in the primary sector do ?
Provide a service
Extract raw materials from the ground
Use raw materials and make something with them
What are the Sectors of the Economy?
Primary
Secondary
Tertiary
Private
Public
Third
Private
Public
Primary
Name three features of a Sole trader?
Who owns a Public Limited Company (PLC)
Government on behalf of the UK population
Shareholders
Partners
Shareholders have limited liability. What does this mean?
The money they make can make in dividends will be capped
They will only lose the value of their shares and not their private assets or belongings
The will lose their own personal assets and belongings if the business has debts.
A social enterprise aims to make profits but what do they use their profits for ?
A social enterprise belongs in which Sector of the Economy ?
Private
Public
Third
Increasing market share is one of the main objectives of private sector organisations. What does this mean?
How can you increase market share ?
By cutting prices to be more affordable
By Increasing money spent on advertising
By opening a store in a new area
All of the previous answers
Identify 2 ways that businesses could increase customer satisfaction
Does PESTEC refer to internal or external factors affecting businesses ?
Internal
External
What does the ‘P’ represent in PESTEC
Place
Political
Promotion
Price
What kind of stakeholder is an employee?
Internal
External
What interest does an employee have in an organisation.
Are suppliers internal or external stakeholders?
Internal
External
Why would suppliers be interested in an organisation and how it is performing ?
