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WorksheetsNat5 Understanding Business Revision
Total questions: 39
Worksheet time: 17mins
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 2 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 2 influences of an employee as a stakeholder.
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. would be in which sector?
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
Which sector of the economy would a supermarket business operate?
Public
Private
Third
Which sector of the economy is owned and controlled by the government?
Public
Private
Third
Which business is an example of a public sector organisation?
Supermarket
Charity shop
NHS Scotland
Which of the following items is NOT a need?
Mobile phone
Water
Shelter
In which sector of the economy would a social enterprise operate?
Public
Private
Third
Which sector of industry is concerned with extracting raw materials from the land?
Primary
Secondary
Tertiary
Which sector of industry manufactures finished products?
Primary
Secondary
Tertiary
Which sector of the economy has the main aim of maximising profits?
Private
Public
Third
In which sector of industry would a hairdresser operate?
Primary
Secondary
Tertiary
Which of the following is NOT a good?
Car
Haircut
Mobile phone
What is customer service?
The service a customer receives before, during and after a sale
The service a customer receives during a sale
The service a customer receives after a sale
What is the purpose of a customer care strategy?
To find out the needs and wants of a customer
To let the customer know the level of service to expect
To ensure no faulty or low quality products reach customers
Which of the following is a direct consequence of bad customer service?
Increased competition
Lower quality of product or service
Low staff morale
What is meant by customer loyalty?
If customers receive a good quality service they are more likely to return
If a customer receives a good quality service they are more likely to recommend the company to family and friends
If a customer receives a good quality service they are less likely to complain
Why are satisfied customers important to a business?
They cause an increase in sales of goods and services
They cause a reduction in a business’s competition
They improve a company's market research
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Outline 2 ways a business can measure customer satisfaction.
Customer surveys
Provide high quality products
Train staff well
Online reviews
