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WorksheetsGCSE Edexcel Businss 1.1 revision
Total questions: 49
Worksheet time: 25mins
An entrepreneur has developed a unique product to launch into the market. Which of the following best describes how this new business idea came about?
An original idea
Adapting an existing product
Adapting an existing service
Adapting an existing idea
Which of the following is a financial reason why an entrepreneur might start-up a new business
To make a profit
To pursue a skill or interest
To have more freedom in decision-making
To achieve a work-life balance
Which of the following best describes the term, obsolete? When consumers:
Demand more of a particular product or service
Want, and can afford, to buy more products and services
Can no longer afford to buy a particular product or service
No longer want to buy a product or service
Lack of overall planning and poor decision-making can lead to business failure. This is known as:
Poor management
Poor quality
Poor understanding of the economy
Poor sales levels
An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate any pain when shaving. This is an example of a business idea that:
Was developed and delivered to the market quickly
Solved a customer problem
Offered a cheaper way of doing something
Is aimed at a fast growing market
A product of service is obsolete when sales...
Start to rise
Rise rapidly
Growth slows
Fall or come to an end
Which of the following statements is true in relation to goods and services?
Services can be touched and held, whilst goods are usually invisible
Goods can be touched and held, whilst services are intangible
Services are visible, whilst goods are usually invisible
Both goods and services are intangible
Which two of the following are examples of risk that can occur from business activity? Select two answers:
Profit
Lack of security
Independence
Business success
Financial Loss
Which of the following is an example of the role of an entrepreneur?
Producing goods or services
Meeting customer needs
Organising resources
Offering customer convenience
Which of the following is NOT an example of adding value
Quality
Branding
Selling an item for less
Unique selling point
What does USP stands for?
Universal Standard Pilot
Unique Selling Point
United Service Providers
Ultimate Secondary Procedures
The selling price of a product - the cost of bought-in materials and components
added value
input
output
margin
What is added value?
increasing the difference between the cost of the raw materials and the price of the finished goods
the difference between the cost of the raw materials and the price of the finished goods
when a business adds on a larger price because they have increased the quality of the materials
when an employee performs well in their job and increases efficiency
What is NOT a major challenge faced by an entrepreneur?
Competition
Sourcing capital
Finding employees
Building a customer base
How have they added value?
Branding
Unique features
Convenience
All of the above
How have they added value?
Branding
Unique features
Convenience
All of the above
How have they added value?
Branding
Design
Convenience
All of the above
How have they added value?
Branding
Unique features
Convenience
All of the above
How have they added value?
Branding
Convenience
Quality
All of the above
What is a calculated risk?
where a chance of exposure to loss or injury is undertaken
having looked at the disadvantages of taking that risk
where a chance of exposure to loss or injury is undertaken
having carefully assessed the advantages and disadvantages of taking that risk
where a chance of exposure to loss or injury is undertaken
having completely assessed the advantages and disadvantages of taking any risk
In the first year of trading, how many business fail to survive approximately?
25
5
10
Independence is often seen as bonus to starting your own business, it means?
Being your own boss
Not being the boss
Being able to share the risks
Working for only one other company
What are two of the challenges an entrepreneur can face?
Stress
Having a stable income
Independence
Having no challenges
The selling price of a product - the cost of bought-in materials and components
added value
input
output
margin
What does USP stands for?
Universal Standard Pilot
Unique Selling Point
United Service Providers
Ultimate Secondary Procedures
Which of the following is NOT an example of adding value
Quality
Branding
Selling an item for less
Unique selling point
Which of the following is an example of the role of an entrepreneur?
Producing goods or services
Meeting customer needs
Organising resources
Offering customer convenience
Which of these is a common reward for a successful business?
Risk
Profit
Lack of security
Loss
Which of the following is a possible risk for someone who runs their own business?
Business success
Financial loss
Profit
Independence
What are the four customer needs?
Price, quality, choice and convenience
Price, product, place and promotion
Price, quality, promotion and convenience
Which of the following statements are reasons why it is important for a business to identify and understand customer needs? The business is:
More likely to generate sales and less likely to survive
More likely to generate sales and more likely to survive
Less likely to generate sales and less likely to survive
Less likely to generate sales and more likely to survive
Comments made on Twitter can be monitored and provide businesses with useful qualitative research. Which of the following methods of data collection is this an example of?
Social media
Surveys
Observation
Questionnaires
Which of the following is the most suitable method to gather in depth views, from a small group of consumers, regarding the name and packaging of a business’ new product?
Observation
Questionnaire
Internet
Focus group
Market research can help businesses to identify where the exact needs of customers are not being fully met with existing product offerings. This is best described as:
Informing business decisions
Reducing risk
Identifying gaps in the market
Organising resources
Which of the following customer needs has been met when life is made easier by choosing to buy and use a specific good or service?
Price
Quality
Choice
Convenience
Which of the following statements best describes the term secondary market research?
Research using data that has been gathered:
First-hand by the business itself
Already
For a specific purpose for the first time
By a market research agency that has not been previously collected
Which two of the following are methods of primary market research?
Select two answers:
Internet
Government reports
market reports
Questionnaires
Observation
It is important that any market research data collected is reliable. Which two of the following are most likely to be examples of unreliable data?
Select two answers:
Collected from a group of friends
Out of date
Typical of the target market
Specific to the business
Free from bias
2. Information that cannot actually be measured is
Qualitative data
Quantitative data
an Inference
an Observation
Why do businesses use market research?
To identify customer needs
To sell goods and services
To advertise
Which two of the following statements are disadvantages of primary research?
Many people don't like completing surveys
You can find specific information
Some people just say what they want you to hear
The business has control over the research and results
