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3.1.1 Understanding the nature and purpose of business Flashcards | StudBud
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3.1.1 Understanding the nature and purpose of business
3.1.1 Understanding the nature and purpose of business
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30 plays
AQA Business
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
The car wash sells services
False
True
2
What are goods ?
things that people make or grow
something that is good
different types of jobs
none of the above
3
What is entrepreneurship?
process of creating & managing a business to achieve desired objectives
being promoted to a management position within a business
a business that does not employ more than 500 people
creating a new product to sell within a business
4
Define added value
Special additions to product
Difference between cost of inputs and final selling price
Difference between wholesale and selling price
Difference between cost of inputs and wholesale price
5
What are the 4 factors of production?
Land, labour, enterprise, capital
Competition, employment, labour, land
capital, economy, labour, land
Capital, enterprise, inflation, employment
6
How many factors of production are there?
10
6
3
4
7
starting a business is risk free
False
True
8
Define business
Organizations owned and operated by individuals
Making or manufacturing something from raw materials
Exchanging goods and/or services for one another or money
9
Which of these include examples of primary, secondary AND tertiary?
Pharmacy, Construction, Car Manufacturing
Farming, Banking, Fishing
Baking, Hairdressing, Mining
Forestry, Oil Mining, Insurance
10
Which of these are not the 4 factors of production?
Land
Labor
Employees
Captial
11
What are the economic sectors?
Primary, Secondary, Tertiary, Quaternary
Primary, Secondary, Tertiary
Secondary, Fourthinary, Primary
Primary, Secondary, Octogonary, Quaternary
12
Resources used to make goods and services are:
gross national product
trade offs
specialization
factors of production
13
what skills do an entrepreneur need?
Food and creativity
Creativity and resilience
good comunication and animals
Food and water
14
What are examples of goods?
none of the above
grocery store items
computer services
police officers and fire fighters
15
Name The Entrepreneur
GRIZZ MAURIZZ
BILL GATES
TONY BOLT
ELLEN ANDY
16
An entrepreneur is...
A funny French word....
Someone who sets up a business
Someone who sets up a business taking financial risks
Someone who sets up a business taking financial risks to try n make profit
17
what is the first step in the transformation process?
outputs
transformation
financial
inputs
18
What are some of the characteristics of an entrepreneur?
Boring, calm, lazy, unenthusiastic, slack
Crafty, fearless, insecure, hard worker, risk taker
Confident, funny, smart
None of the above
19
Part of this logo is missing! What is the name of this business?
Burger King
Sonic
Carl's, Jr.
Dairy Queen
20
When did Apple start business
2001
1986
2010
1976
21
What is business?
A firm or organisation which provides a good or a service
A firm or organisation which provides a service
A shop
A firm or organisation which provides a good
22
Value Adding is in Transformation Processes
True
False
