WorksheetsUnderstanding Business Recap S3
Total questions: 30
Worksheet time: 15mins
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.
Tertiary Sector
Primary Sector
Secondary Sector
How many Sectors of Industry are there?
3
7
4
5
Which Sector of the Economy would Sole Traders, Partnerships and Private Limited Companies be found in?
Public
Private
Third
At which stage of business activity are trees chopped down in the process of producing paper?
What sector of the economy does Starbucks operate in?
Private
Public
Third
What sector does the Big Issue operate in?
Private
Public
Third
Land is one of the factors of production. Which statement below best describes this term?
Man-made resources
Resources being combined
The workforce
The world’s natural resources
Which of the following organisations belong to the third sector of the economy?
Sole traders
Social Enterprises
Public Sector Organisations
Charities
Why is customer satisfaction important to a business?
(Select all that apply.)
To gain a good reputation.
To keep prices low.
To ensure it maximises sales.
To use cheap raw materials.
Businesses aim to be socially responsible. What does this mean?
To do things in a way that won’t harm anyone or the environment.
To make as much profit as possible.
To have as many customers as possible.
To employ only people who have been unemployed for longer than one year.
Which of the following would not be an aim of a charity?
To increase donations.
To help people in need.
To carry out research into a new cancer treatment.
To increase the number of shareholders.
Which of the following aims might a business in the private sector have?
(Select all that apply.)
To survive.
To maximise profit.
To use the taxpayer’s money in the best possible way.
To maximise customer satisfaction.
Which of the following organisations would not have profit as its main objective?
(Select all that apply.)
Social enterprise
Sole trader
A youth club
Partnership
Survival is often the aim of many businesses. What does this mean?
To cut down expenses.
To become larger and increase the number of shops.
To protect the environment and not pollute it.
To make sure the business continues and doesn’t fail.
Oxfam is a charity that operates in the Third Sector. Identify 2 other Sectors of Economy.
Primary and Secondary
Primary and Tertiary
Private and Public
Private and Third
Give a description of the Private Sector.
Owned by the government on behalf of the taxpayer.
Owned by private individuals who aim to make a profit.
Owned and regulated by the government and aim to raise funds and awareness
Owned by a sole trader
This external factor looks at the trends and beliefs of the customer.
Political
Social
Economic
Competition
Give an influence of an employee.
They can shop elsewhere
They want job satisfaction and good working conditions
They can take industrial action e.g. strike
They can provide a poor service to the customer
Identify an internal factor of an organisation.
Political
Environmental
Technology
Competition
Which of the following images would come under the 'Environmental' heading in PESTEC?
Who owns a Public Limited Company (PLC)
Government on behalf of the UK population
Shareholders
Partners
Does PESTEC refer to internal or external factors affecting businesses ?
Internal
External
What does the ‘P’ represent in PESTEC
Place
Political
Promotion
Price
Employees can have an influence on a business by
Raising levels of taxation
Taking industrial action
Changing the selling price of the products
More and more businesses are becoming active and involved in e-commerce. This is a result of
Technological factors
Environmental factors
Political factors
A business owned by one person is called a
Franchise
Sole trader
Small business
Advantages of a partnership are?
shared workload
arguements
shared profit
