YR 10 Unit 1 Baseline Quiz

The vehicles bought a delivery service business.

A newly formed business. Such a business usually starts small, but some might grow to become bigger.

The amount that a business earns from the sale of its products.

The benefit that could have been gained from a different use of the same resource.

A detailed written document that outlines the purpose and aims of a business.

Businesses that supply a service to consumers and other businesses.

A dress bough by a mother for her daughters birthday party.

A good (product) or service that is essential for living

Businesses that process and manufacture goods and services from natural resources.

A personal computer sold in an electrical retailer for home use

The part of the economy that is controlled by the state or government.

A new building bought by a school.

Financial advice offered by a bank to a person thinking of retiring.

There are not enough goods and services to meet the wants of the population.

A good (product) or service which people would like, but is not essential for living.

The part of the economy that is owned and controlled by individuals and companies for profit.

A person who has an idea for a new business and takes the financial risk of starting up and managing it.

Non-tangible products such as insurance services, banking, transport etc.

Physical goods, such as machinery and delivery vehicles, used by other businesses to help make other goods and services.

Products which are sold to the final consumer. They can be seen and touched, for example computers and food.

Businesses whose activity involves the extraction of natural resources e.g. oil.

The process of producing good and services to satisfy consumer demand

Which of the following characteristics are important for an entrepreneur (person starting the business) to have?

An individual or group which has an interest in a business because they are affected by its activities and decisions