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WorksheetsYear 10 Edexcel GCSE Business 1.1.1 to 1.2.4
Total questions: 54
Worksheet time: 28mins
A budding entrepreneur who is looking to set up a new enterprise is concerned that the business might not provide enough of a stable income to maintain his current standard of living. Which of the following best describes this risk?
Inability to break even
Lack of security
Business failure
Lack of independence
Sara decided to start-up a business as a personal trainer, due to her passion for fitness. Which of the following is the main reason behind Sara's business idea?
Earn more money
Pursue an interest
Be her own boss
Work more flexible hours
Increased concern from consumers over the environment has led to new business developing products from recycled materials. These business ideas have come about due to:
Services that have become obsolete
Products that have become obsolete
Changes in consumer demand
Changes in the interest rate
Which of the following statements best describes the term, reward?
The probability that something will go wrong
The chance of loss or damage
When a hoped for outcome does not happen
The benefits gained through business activity
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?
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 particular 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
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 of the following are services?
A new bag
A personal trainer
A new computer
A bank account
Which two of the following are examples of risk that can occur from business activity?
Profit
Lack of security
Independence
Business success
Financial loss
Demographics
The laws that a business must comply with
The place where customers live and buy their products
Statistical differences that exist within a population, now and in the future
Out of date products
Which one of the following is the correct definition of market share?
The total sales of all businesses in a particular market
The sales of one particular business as a proportion of the total sales in a market
A group of customers that share a common characteristic
A part or portion of a business owned by another business or individual
Which one of the following is the correct definition of market research?
The process responsible for getting the right product to customers at the right price, in the right place, at the right time
The systematic investigation and study of materials and sources to improve knowledge
A place where buyers and sellers get together to exchange products and services
The collection, collation and analysis of data relating to the consumption of goods and services
Which one of the following is the correct definition of market segmentation?
The collection, collation and analysis of data relating to the marketing and consumption of goods and services
A group of customers in an entire market that share similar needs and wants and common characteristics
Dividing a market up into customers with similar needs and wants and common characteristics
The management process responsible for getting the right product, at theright price, in the right place, at the right time to the customer
The desire for products or services that are not necessary = ???
Consumer hunt
Consumer need
Consumer demand
Consumer want
A successful ____ must be willing to take risks
employee
stakeholder
entrepreneur
consumer
Selling price is greater than the costs of making the product = ???
Added demand
Added value
Added profit
Added finance
What does USP stand for?
Unique Social Profit
Unique Selling Point
Unique Sales Place
Unique Sold Patch
Market research that you go out and do it yourself = ???
Secondary research
Desk research
DIY research
Primary research
Convenience, Branding, Quality. Design. Unique selling points.
Understanding customer needs.
Ways to add value.
THe role on entrepreneurs
Organises resources.
Makes business decisions.
Takes risks.
The role of entrepreneurship. An entrepreneur…
The role of businesses.
Price
Quality
Choice
Convenience
Ways to add value.
The role of an entrepreneur.
What customer needs are.
The following are all forms of what?:
Survey
Questionnaire
Focus group
Observation
Market research.
Primary market research.
Secondary market research.
What does "E-commerce" involve?
Using the internet to promote and sell a good or service
Selling goods exclusively in physical stores
Promoting services through direct mail only
Buying products only through face-to-face transactions
What does "Adding value" mean in a business context?
Reducing costs to increase profit margins
Selling a product for more than it costs through processes applied
Increasing the number of products available
Expanding business operations
Which of the following is a way to achieve competitive advantage?
Increasing prices regularly
Ignoring customer feedback
Innovating new products or services
Reducing the quality of products
Which of the following is most likely to be a benefit of business growth?
Increased costs
Increased sales
Increased competition
Increased chance of failure
Which of the following statements best describes the term, competition?
When different businesses attempt to attract different customers
When businesses do not have any rivals
When different businesses attempt to attract the same customers
When different businesses have only one supplier of raw materials
Which of the following is an example of a business that has a competitive strength based upon quality?
A discount supermarket that offers value for money groceries
A local convenience store that sells a wide range of commonly used products
A restaurant which uses fresh, local produce in all of its dishes
A coffee shop that has an outlet on a busy shopping street
Which of the following ways might a small successful technology firm manufacturing unique products use to compete with its rivals?
Reduce its prices
Offer an excellent after sales service
Reduce its product range
Relocate production to a busy high street
Which of the following is a competitive weakness based on location?
A restaurant locates on a quiet side street in a busy town
A footwear shop offers a kids shoe fitting service by untrained staff
A supermarket frequently runs out of stock of popular product lines
A local café serves food to customers which is cold
In which of the following scenarios would a business face no competition?
When there are several suppliers of gas available to residents
When there are many telephone networks available to residents
When there is only one supplier of water to residents
When there are numerous electricity suppliers available to residents
Which of the following businesses is best known for its ability to compete with its rivals on price?
Primark
Marks & Spencer
J D Sports
Selfridges
An independent, high fashion retailer targeting teenagers has recently opened in a popular shopping centre located in a busy city centre. Which of the following is the best way the business could compete successfully with its rivals?
Charge higher prices and offer a smaller product range
Charge lower prices and offer a wider product range
Charge high prices for low quality clothing
Charge moderate prices and provide a low level of customer service
A national retailer offers to refund the difference if customers find the same product cheaper elsewhere. This is an example of competition based on:
Location
Price
Quality
Product range
Which of the following would be a suitable way for a start-up take away business to use to compete with its rivals?
Offer a limited choice of options on its menu
Offer higher prices for similar food options
Offer a highly efficient and friendly service
Price match in conjunction with offering smaller portion sizes
Which of the following best describes the term, competitive environment?
Where every business attempts to minimise its costs
When a business is the only seller of a good/service in a market
Where different businesses in different markets compete on price
The extent of rivalry between different businesses in the same market
A business faces no direct competition in its market and sells a product that is in high demand. Which two of the following would represent possible decisions that this business would make?
Select two answers:
It will charge similar prices to its competitors
It will be less likely to develop new, innovative products
It will charge lower prices than its competitors
It will promote itself extensively to attract customers
It will charge higher prices
UK Supermarkets like Aldi & Lidl are generally competing based mainly on...
Price
Range of products
Location
Branding
What is the primary purpose of market segmentation?
To increase production costs
To target specific groups of consumers
To reduce the number of competitors
To expand the product range
Which of the following is a characteristic of a monopoly market structure?
Many sellers offering similar products
One seller dominating the market
Free entry and exit for businesses
High level of product differentiation
What is a key benefit of conducting primary market research?
It is less expensive than secondary research
It provides data that is specific to the researcher's needs
It relies on existing data sources
It is quicker to obtain than secondary research
What is the primary aim of a business in the private sector?
To provide public services
To maximize profits
To reduce unemployment
To support government policies
Which of the following is an example of a business objective?
Increasing market share by 10% in the next year
Providing excellent customer service
Being environmentally friendly
Offering a wide range of products
How can a business measure the success of its objectives?
By analyzing customer feedback
By comparing actual performance against set targets
By increasing the number of employees
By expanding into new markets
How can a business measure its success in achieving its objectives?
By analyzing customer feedback
By comparing with competitors
By reviewing financial statements
All of the above
Which of the following is a key factor in determining the target market for a new product?
Product cost
Consumer demographics
Supplier availability
Employee skills
What is a common strategy for a business to differentiate itself in a competitive market?
Lowering product quality
Offering unique features
Increasing operational costs
Reducing customer service
Which of the following is a potential risk for entrepreneurs starting a new business?
Guaranteed profits
Market saturation
Unlimited resources
Stable market conditions
What does the 'S' in S.M.A.R.T. goals stand for?
Simple
Specific
Strategic
Standard
Which of the following is NOT a characteristic of a S.M.A.R.T. goal?
Measurable
Achievable
Realistic
Vague
Why is it important for goals to be time-bound in the S.M.A.R.T. framework?
To ensure goals are easy to achieve
To provide a deadline for accountability
To make goals more flexible
To allow for unlimited resources
