Understanding Business Activity (Cambridge IGCSE and O Level)

A business can be one person, a large global company employing thousands of people or even a charity.

Businesses can be grouped into four sectors.

Limited availability of resources to meet the unlimited wants of people..

A business plan is just for new businesses.

Added value is NOT the same as profit.

A business that exists separately from its owners...

In unincorporated businesses, the owners have a separate legal identity.

Private sector businesses can be classed into four main forms, based on how much revenue they make.

The things needed to make goods and services such as land and labour.

Private sector businesses can be classed into three main forms, based on their legal structure.

Limited companies are run by directors who do NOT need to be shareholders.

'Sole' only refers to one owner.

Capital has many meanings in business.

The size of a business can be measured in many ways.

The fact that resources are limited means that businesses have to decide how best to use the factors of production.

Profit is classed as a measure of size.

When people and businesses focus on activities they are best at..

The cost of something in terms of the next best option...

Which one is NOT considered as one of the main sections of a business plan?

Public limited companies are in the public sector.

Which one is NOT classed as a measure of size?

The difference between a public limited company and a private limited company focuses on who the employees are.

Businesses that extract or collect raw materials ....

A business organisation owned and controlled by the government.

Which one is NOT one of the advantages of public limited companies?

A business will try to add value at every stage of production as this can help make a profit.

The difference between the selling price of a product and the cost of raw materials used to make it.

An entrepreneur can be categorised under 'enterprise' in the factors of production.

Any individual or organisation that owns share in a business ...

Some businesses can be involved in more than one stage of production.