1.1

Question 1

Goods

Answer 1

A tangable product such as a car, bike etc.

Question 2

Service

Answer 2

An intangable product. For example a plumber.

Question 3

Tangible

Answer 3

Something that you can touch.

Question 4

Intangible

Answer 4

Something you can’t touch or see

Question 5

Customer

Answer 5

Someone who bought the product or service

Question 6

Consumer

Answer 6

Someone who uses the product or service.

Question 7

Business

Answer 7

An organisation that produces or supplys goods or a service

Question 8

Social Enterprise

Answer 8

An organisation set up to help others and not to make profit.

Question 9

Entrepreneur

Answer 9

Someone who takes a risk to start a business

Question 10

Sole Trader

Answer 10

A form of business that is owned and managed by one person.

Question 11

Partnership

Answer 11

When 2 or more people set up a business to persue a common interest

Question 12

Companies

Answer 12

A company is owned by it’s investors

Question 13

Aim

Answer 13

A general goal of the business, eg to make the business more profitable

Question 14

Objective

Answer 14

Specific target that turns the aim into something that is easier to measure and access progress

Question 15

Private Sector Organisations

Answer 15

Owned by individuals

Question 16

Public Sector Organisations

Answer 16

Owned by the government