WorksheetsN5 Understanding Business 1.1, 1.2, 1.3
Total questions: 28
Worksheet time: 25mins
Match the following sectors of industry to their definition
Primary
Extracting natural resources
Secondary
natural resources into finished goods
Tertiary
Providing a service
Quarternary
Knowledge-based
Match the appropriate factor of production to its definition.
Capital
Man-made resources; equipment/machinery
Enterprise
Person responsible for the idea
Land
Natural resources used in production
Labour
workforce/employees of the business
A good is (a) , which means it can be touched.
A service is (a) , which means it cannot be touched.
Businesses exist to combine the (a) so they can (b) the wants and needs of (c) . They usually aim to do this (d) .
A private sector business is owned by (a) . The owners of the business get to make all big (b) . Private sector business aim to make a (c) . Private sector businesses are financed by the money put in by the (d) .
A public sector business is owned by the (a) . Government (b) are elected and get to make the decisions. Public sector businesses are funded by (c) . They aim to (d) .
A third-sector business is owned by (a) . A (b) is responsible for making decisions for a third-sector business. Businesses in this sector are funded by (c) . Finally, they usually aim to (d) .
Match the business with the sector of economy.
Oxfam
Third-Sector
Apple
Private Sector
NHS
Public Sector
Pick the three sectors of economy...
Private
Public
Third
Secondary
What sector does Starbucks operate in?
Private
Public
Third
What sector does the Big Issue operate in?
Private
Public
Third
A private limited company is run by what...
A board of directors
Shareholders
The owner
The employees
A partnership has...
2-20 partners
2-16 partners
2-22 partners
2-18 partners
The 4 factors of production are (a) (b) (c) (d)
What Factor is this?
Land
Labor
Capital
Entrepreneur
Land
Labor
Captial Goods
Entrepreneur
What is a Sole Proprietorship?
A business where 2 or more people share ownership
A business owned by shareholders
A business that is owned by one individual
What percentage of the profits in sole trader designated to?
75%
100%
54%
0%
Which of the following is an advantage of sole trader?
Owner has complete control
Owner gets all the stress
Cannot raise capital
All the above
A limited liability partnership means
liability is unlimited
liability is shared up to a certain percentage
no liabilities
Which of the following best describes a business objective?
It sets out specifically how a business aim can be met in a certain time
It is a general goal of the business
It is a qualitative statement that is displayed publically in the firm
It is target that will never change
A business objective is a long term goal?
True
False
Market leadership is a main business aim for private businesses?
True
False
Which of the following type of objective would an entrepreneur set who is aiming to ensure revenue is greater than total costs?
Personal objective
Profit objective
Social objective
Market share objective
The purpose of a business setting objectives is:
To maximise profits
To reduce market share
To provide targets
To increase sales
Which of the following objectives is a start-up business, operating in a competitive market, most likely to set in its first year of trading?
Minimise sales
National expansion
Survival
Maximise profit
