WorksheetsUnderstanding Business N5
Total questions: 22
Worksheet time: 11mins
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
Enterprise is a Factor of Production. Identify the other Factors of Production.
Land, Labour and Country
Primary, Secondary and Tertiary
Private, Public and Third
Land, Labour and Capital
Identify an example of an Entrepreneur.
Outline ways a business can measure customer satisfaction.
Customer surveys
Provide high quality products
Train staff well
Online reviews
Identify the aims of a charity.
To make profit
To satisfy clients/
beneficiaries
To raise funds and awareness
To survive
This external factor looks at the trends and beliefs of the customer.
Political
Social
Economic
Competition
Identify an internal stakeholder.
Customer
Banks and lenders
Supplier
Employee
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?
Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.
Tertiary Sector
Primary Sector
Secondary Sector
The economic problem
A want is something you need to survive?
True
False
The Royal Bank of Scotland is an example of a Service.
False
True
The Sectors of Industry are…..
Secondary
Third
Primary
Tertiary
Which Sector of the Economy would Sole Traders, Partnerships and Private Limited Companies be found in?
Public
Private
Third
What is an 'entrepreneur'?
A person in charge of the business strategy.
A person who lends the funds to set up a new business venture.
A person who organises, operates and takes the risk of a new business venture.
A group of people in charge of creating the business plan of a new venture.
Select two examples of durable goods ?
Coffee
Washing Machine
Bread
Car
Land is the natural resources businesses use, extracted from the ground. What is an example of this ?
Tractor
Oil
Bread
How many partners can a partnership have ?
1-3
2-20
1-20
2-4
What are 2 disadvantages of a partnership?
There may be disagreements between partners
Profits have to be shared
One person makes all the decisions
They are is no one to share the workload
