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WorksheetsUnit 1 Exploring Business
Total questions: 145
Worksheet time: 3hrs 6mins
Unscramble this anagram which is a keyword learned about on this unit, the anagram is 'OTSHELDRAKE'
(a)
Match the following
International Company
Local Company
National Company
A company who sells shares on the stock exchange is known by which 3 letter code?
(a)
What ownership structure should a sole trader switch to if they wanted to share workload and get more skills/knowledge into business
(a)
Which ownership structures have limited liability
Private Limited Company
Public Limited Company
Sole Trader
Partnership
Match the following
Public Sector
Private Sector
Private Sector
Public Sector
Private Sector
Match
9 employees
Micro
51 employees
Medium
250 employees
Large
600, 000 employees
Largest
Categorize the stakeholders
Employees
The Owner
The Government
Who are people from within the company who has an interest in the business
(a)
Who are people outside of a company who are interested in the company
(a)
Which of these communication methods would be considered verbal
Meeting
Letter
Phonecall
How do companies decide on which stakeholders are influential?
Money
Interest
Whether they are internal
Power
Match the following based on customer as a stakeholder
They buy a product
What they do for the company
Encourage friends and family to also buy a product
Positive Influence
Leave a bad review online
Negative Influence
To achieve sales and profit
The aim they help the company achieve
Match the following based on employees as an stakeholder
They work for the company
What they do for the company
They can put extra effort in to their customer service
Positive influence
They can turn up late to work
Negative Influence
Provide a high quality product/service
The aim they help the company achieve
Match the following based on competitors as an stakeholder
They provide a rival product
What they do
They can boost publicity in the market
Positive Influence
They can take away customers
Negative Influence
High quality products/service (indirect influence)
Aim they help the company achieve
Match the following based on owner as an stakeholder
Controls the business
What they do
Provides additional funds
Positive Influence
Have little to no input in decision-making
Negative Influence
Be a market leader
Aim they help the company achieve
Seperate the answer into reasons why a profit company employee may differ from a charity company employee
Mainly interested in their salary/wage
Less likely to be interested in company mission
Wants to make the world a better place
Mainly interested in money as gaining enough sufficient money for themselves
Highly likely to be motivated to achieve company's mission
May see the company as a stepping stone to another company
‘An (a) is a system that outlines how certain activities are directed in order to achieve the (b) of an organization. These activities can include rules, (c) and (d)
Match the following
Tall Structure
Flat Structure
Matrix Structure
Categorise
High number of employees
High number of managers
Suitable for an international business
Smaller number of employees
Low number (maybe only 1) manager
Suitable for an local business
Managers have narrow span of control
Managers have wide span of control
Communication is slow due to long chain of command
Communication is quick due to short chain of command
The owner is less likely to delegate due to already having lots of managers
The manager has to delegate probably due to being overworked and overstretched
What do we call it when discussing how many employees are controlled by an individual manager
(a)
What do we call it when talking about how communication goes from the top to the bottom of the business
(a)
What do we call it when talking about how a manager may give a task for another employee to do
(a)
Match the departments to what they do
HR
Look after employees
Research and development
Test potential new products
Sales
Convince customers to buy
Marketing
Attract new customers
Purchasing
Get stuff in needed 4 business operation
What structure will see employees with two managers
(a)
Match the department to what they do
Production
Manufacture products
Finance
Make sure business is spending wisely
Customer Service
Look after customers
IT
Make sure computers and tech is working
Administation
Look after business daily operations
Match the task to the department
Production of TV advert
Organising job interviews
Posting a job advert online
Listening to employee complaints
Creating a budget
Doing a cash flow forecast
Updating social media posts
Conducting market research
Operating machinery
Packing and shipping
Product Quality Checks
Match the following
Sources raw materials
Primary Sector
Manufactures Products
Secondary Sector
Sells a product/provides a service
Tertiary Sector
Involved in IT/Technology
Quarternary Sector
Match the industry to the sector
Farming
Mining
Forestry
Fishing
Clothing Manufacturer
Food Processor
Car maker
Watch maker
Retail
Masseuse
Hospitality
Supermarket
ICT
Scientific Research
Computer Aided Design
AI Websites
A company who invites their friends and family to buy shares only is known by which 3 letter code
(a)
In the local market, Evie's bakery and Samuel's cafe are constantly trying to outdo each other to attract more customers and increase their sales. What is this environment called?
(a)
Who is a competitor of Nike
In the local market, Evie's bakery and Samuel's cafe are constantly trying to outdo each other to attract more customers and increase their sales. What is this environment called?
(a)
Who is a competitor of Nike
Who is a competitor of Coke
Who is a competitor of Netflix
Explain what we mean by competitive advantage in business.
What is the term used to describe the environment inside a business that they can more easily control?
(a)
Define company culture in business.
Match the following
TASK CULTURE
Focus on completing challenges
ROLE CULTURE
Focus on who's responsible for what
POWER CULTURE
Focus on who's in charge
ENTREPRENEURIAL CULTURE
Focus on taking risks and having a go
Which of these is a CSR policy?
Supporting the environment
Launching a new product
A new marketing campaign
Lowering the product prices
Oscar is working on a project to improve the company's image in the community. What is the primary goal of CSR in this context?
Expanding market share
Contributing to societal goals
Enhancing shareholder value
Maximizing profits
How can a company demonstrate its commitment to CSR?
By focusing solely on profit margins
By increasing product prices
By engaging in community service
By cutting employee benefits
What is a common benefit of implementing CSR initiatives?
Reduced employee engagement
Higher operational costs
Improved brand reputation
Increased regulatory scrutiny
Why do companies engage in CSR practices?
To comply with legal requirements
To solely increase their profit margins
To enhance their competitive advantage
To avoid paying taxes
S in SWOT stands for?
(a)
W in SWOT stands for
(a)
O in SWOT stands for
(a)
T in SWOT stands for
(a)
COMPLETE THE SWOT FOR MCDONALDS
LOW PRICES
P in PESTLE stands for
(a)
Oscar is studying PESTLE analysis and wants to know which aspect relates to money and finances. Can you help him identify it?
(a)
S in PESTLE stands for
(a)
T in PESTLE stands for
(a)
L in PESTLE stands for
(a)
During a class discussion, Anaya asked about the E in PESTLE that relates to nature and the world around us. What does it stand for?
(a)
Complete the PES analysis for McDonalds
Government Regulation
Complete the TLE analysis for McDonalds
Artificial Intelligence
PESTLE Analysis is part of looking at what environment?
(a)
Porter's 5 forces
Is it easy for a company to enter the market?
Has the company protected itself legally through legal protection?
Who is your company's target market?
Does your company consider its customers important?
Does customers have an influence on the prices set by the company?
Who provides supplies to your company?
How many suppliers does your company have?
Do the suppliers have a lot of influence on the company?
Porter's 5 Forces
Are there a lot of similar products on the market?
Can customers find an easy alternative product/service?
Does any company offer the exact same product/service?
Does your company have competitors?
Who does your company consider its main threat?
Does your company have high market share?
What are the potential positive effects of company culture on a business?
What are the potential negative effects of a company culture on a business?
What are the potential positive effects of having corporate social responsibility for a business?
What are the potential negative effects of having a corporate social responsibility policy for a company?
What are the potential positive effects of a competitive environment on a business?
What are the potential negative effects of a competitive environment on a business?
An inferior good means that....
It is lower quality
It has bad brand reputation
Demand goes up as income goes up
Demand goes down as income goes up
Demand is the desire, (a) , and willingness to buy a product or service.
According to the law of demand, as price rises, what happens to quantity demanded?
It goes up
It goes down
It stays the same
No change
What does this curve represent?
Supply
Equilibrium
Demand
Surplus
Which of the following will cause an increase in the quantity demanded of snowboards?
More costly production methods
A decrease in the price of lift tickets at snowboarding resorts
A decrease in consumer income
A decrease in the population
You are a __________;you buy things like video games and sneakers.
price
consumer
goods
services
Things that people make or grow are called_____________.
goods
services
consumers
price
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
If the demand for a good increases when people's incomes increase,
the good is an inferior good
the law of demand is violated
the good's demand curve shifts to the left
the good is a normal good

A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
Population
Price of Substitute Good
Price of Complementary Good
Consumer Preferences/Tastes
Thousands of people leave a small town due to a factory closing down. Sales at the local stores drop. What causes this change?
Prices or availability of substitutes
Prices or availability of complementary goods
Change in Preferences
Change in Population
The law of demand states that
price and quantity demanded are inversely related
the larger the number of buyers in a market, the lower will be product price
price and quantity demanded are directly related
consumers will buy more of a product at high prices than at low prices
With respect to demand, "income" refers to:
The amount of money buyers have to spend
The amount of money producers have to produce
"Substitute goods" refer to:
Different income of a person
Similar products that cost less
When you go to Kwik Trip and purchase a bag of Urge BBQ chips instead of the Frito Lay's BBQ chips, that is an example of:
Substitute Goods
Purchasing Power
Which of the following will cause an increase in demand for snowboards?
More costly production methods
A decrease in the price of lift tickets at resorts in Colorado
The more money that a person makes, the more they are willing to spend..
diminishing marginal utility
substitute effect
total revenue
income effect
What happens to the demand for a product when its substitute's price decreases?
Demand decreases
Demand becomes unpredictable
Demand remains unchanged
Demand increases
Which of the following is an example of a complementary good?
Cars and bicycles
Printers and ink cartridges
Shirts and pants
Tea and coffee
When the price of a good increases, what typically happens to the quantity supplied?
It decreases
It increases
It remains the same
It becomes unpredictable
What is the effect on the demand for a product if consumer preferences shift in favor of it?
Demand becomes unpredictable
Demand remains unchanged
Demand increases
Demand decreases
Which of the following scenarios would likely lead to a decrease in the demand for a product?
A decrease in the price of a substitute good
A positive change in consumer preferences
An increase in the price of a complementary good
An increase in consumer income
When the price of a complementary good decreases, what is the likely effect on the demand for the related good?
Demand becomes unpredictable
Demand increases
Demand remains unchanged
Demand decreases
What happens to the supply of a product when its production cost decreases?
Supply decreases
Supply remains unchanged
Supply increases
Supply becomes unpredictable
Which of the following is an example of an inferior good?
Luxury cars
Generic brand groceries
Designer clothing
High-end electronics
When the price of a product is expected to rise in the future, what is the likely effect on current demand?
Demand remains unchanged
Demand decreases
Demand becomes unpredictable
Demand increases
What is the likely effect on the demand for a product if the price of its substitute increases?
Demand decreases
Demand increases
Demand remains unchanged
Demand becomes unpredictable
Which of the following is an example of an inferior good?
Organic food
Luxury vacations
Public transportation
High-end electronics
When consumer income increases, what typically happens to the demand for normal goods?
Demand decreases
Demand remains unchanged
Demand becomes unpredictable
Demand increases
The unit number
(a)
the unit name is
(a)
Match the following
Demand
Ability and willingness for purchase
Supply
Ability and willingness to produce
Price Elasticity of Demand
How much demand changes based on price
If ceteris paribus occurs (everything else remains the same) and price of an product goes up what will happen to the demand of a product?
It will increase
It will decrease
Unknown
Remain exactly the same
If ceteris paribus occurs (everything else remains the same) and price of an product goes down what will happen to the demand of a product?
It will increase
It will decrease
Unknown
Remain exactly the same
Price and demand therefore have an (a) relationship
Reorder the following based in which company is most likely under pressure to keep prices low to attract customers (1 BEING THE MOST UNDER PRESSURE)
Poundland
iPhone
Rolex watches
If a competitor increases their price, explain how that affects demand for your company's demand and how can they further respond to this change?
Why could people's income falling have an affect on demand for your company's product?
Match the factors to the right category
Staying on top of customer trends
In light of the fact that the cost of living crisis is reducing demand for a lot of company's; suggest a strategy then explain how this strategy will support the business in the short-term, long-term and ultimately help the business achieve some of its key objectives
In the law of supply and considering ceteris paribus, if selling price is high/er then companies will want to
Increase supply
Keep supply steady
Reduce supply
Check demand is high as well
In the law of supply and considering ceteris paribus, if selling price is low/er then companies will want to
Increase supply
Keep supply steady
Reduce supply
Check demand is high as well
What is the reason why, in theory, suppliers will supply more if prices are higher?
To ensure they meet demand
To achieve their full potential of profitability
There will be no concerns of cost
Business resources are readily available
Factors that affect supply
Being profitable
Improved tech
Cheaper production
Government subsidies (money provided)
Good weather
Improved infrastructure (buildings, roads etc)
Struggling to break-even (moving into profit)
Expensive production
Natural disasters
Poor weather
Government taxes
Government regulations
Lack of resources
If your company is in the (a) sector and is therefore an manufacturer then it will rely on needing (b) to be used directly in the production process and supplied to them
Factors that causes..............
Lots of competitors
Non-essential items
Seasonal products
No competitors
Essential items
Timeless quality
Low income customers
High income customers
Where do companies belong?
Coke
If having lots of competitors causes a company to have elastic demand, analyze the effects this will have on an company's strategy going forward
If having an target market with high income forces a company to have inelastic prices, explain how this will affect the company's strategy going forward
Which companies/types of product would have seen demand increase because of the COVID Pandemic
Netflix
Uber
JustEat
EA Sports
Football Tickets
Gyms
Pubs/Cafes
Cineworld
Airlines
If a company has a good with a price elasticity of demand which is elastic, how should it maximise profits?
High prices
Low prices
If a company has a good with a price elasticity of demand which is inelastic, how should it maximise profits?
High prices
Low prices
What does this curve represent?
Supply
Equilibrium
Demand
Surplus
What could cause the demand for a product to become more price-elastic?
a smaller proportion of income being spent on the product
more substitutes coming onto the market
the product becoming more of a necessity
the product falling in price
Match the following
INNOVATION
The process of doing something new
ENTERPRISE
The process of taking risks/challenging
ENTREPRENEUR
Business owner who takes risks
Tesla revolutionizing automative industry by popularzing EV's with new features such as long-range batteries, high-performance capabilities and autononomous driving features
INNOVATIVE
NOT INNOVATIVE
While foldable phones seemed like a big leap forward, the first version of the Galaxy Fold had major durability issues, with screens breaking within days. The idea itself wasn’t entirely new (flip phones existed before), and its execution was flawed, making it more of a gimmick than a true innovation at the time.
INNOVATIVE
NOT INNOVATIVE
Google Glass was marketed as a groundbreaking augmented reality device, but in reality, it lacked a clear use case, had privacy concerns, and felt more like an experimental prototype than a true innovation that added value. Google Glass was marketed as a groundbreaking augmented reality device, but in reality, it lacked a clear use case, had privacy concerns, and felt more like an experimental prototype than a true innovation that added value.
INNOVATIVE
NOT INNOVATIVE
Originally a DVD rental service, Netflix transitioned into streaming, using data-driven algorithms to personalize recommendations. They later disrupted the film and TV industry by producing their own award-winning content, fundamentally changing how people consume entertainment.
INNOVATIVE
NOT INNOVATIVE
Things an entrepreneur needs
Creativity
Financial
Market knowledge
Understanding of trends
How to create an business plan
How to use technology
Referring to your company case study, do you think your company has ever been innovative?
Referring to your company case study, have they ever demonstrated entrepreneurial skills, attributes or knowledge?
Amazon's introduction of the Kindle revolutionized the way people read books, offering a portable, digital library with features like adjustable font sizes and a built-in dictionary, making reading more accessible and convenient.
INNOVATIVE
NOT INNOVATIVE
Apple's introduction of the iPhone was a game-changer in the mobile phone industry, combining a phone, an iPod, and an internet communicator into one device, setting the standard for future smartphones.
INNOVATIVE
NOT INNOVATIVE
The Segway was marketed as a revolutionary personal transportation device, but its high cost, limited practicality, and lack of widespread adoption made it more of a novelty than a true innovation.
INNOVATIVE
NOT INNOVATIVE
Spotify transformed the music industry by offering a streaming service with personalized playlists and recommendations, allowing users to access a vast library of music on demand.
NOT INNOVATIVE
INNOVATIVE
3D printing technology has been hailed as a revolutionary innovation, enabling the creation of complex objects from digital models, but its high cost and limited material options have restricted its widespread adoption.
NOT INNOVATIVE
INNOVATIVE
Uber disrupted the traditional taxi industry by introducing a ride-sharing platform that connects drivers with passengers through a mobile app, offering convenience and competitive pricing.
INNOVATIVE
NOT INNOVATIVE
SpaceX has transformed the aerospace industry by developing reusable rockets, significantly reducing the cost of space travel and making it more accessible.
NOT INNOVATIVE
INNOVATIVE
Despite being marketed as a revolutionary product, the initial version of Google Wave failed to gain traction due to its complexity and lack of clear purpose, leading to its discontinuation.
INNOVATIVE
NOT INNOVATIVE
Airbnb disrupted the hospitality industry by creating a platform that allows homeowners to rent out their properties, offering travelers unique and affordable accommodation options.
NOT INNOVATIVE
INNOVATIVE
Facebook's introduction of the News Feed transformed how users interact with social media, providing a personalized stream of updates and content from friends and pages.
INNOVATIVE
NOT INNOVATIVE
Despite being a highly anticipated product, the initial launch of Google Stadia faced criticism due to latency issues and a limited game library, making it less appealing to gamers.
INNOVATIVE
NOT INNOVATIVE
Zoom became a household name during the pandemic by offering a reliable and user-friendly video conferencing platform, enabling remote work and virtual gatherings worldwide.
NOT INNOVATIVE
INNOVATIVE
