1.1 - The Purpose And Nature Of Business

Question 1

Consumer

Answer 1

Someone who uses a product

Question 2

Customer

Answer 2

Someone who buys a product

Question 3

Goods

Answer 3

A tangible material/item that can be provided by a business like ebay

Question 4

Service

Answer 4

An intangible item that businesses provide, such as knowledge, training, coachng etc.

Question 5

Entrepreneur

Answer 5

Someone who is willing to take risks to start a business

Question 6

Business

Answer 6

An organisation that provides goods or services

Question 7

Social Enterprise

Answer 7

An organisation that provides goods or services, like a business, but typically doesn’t look for profit, like: NHS, charities, shelters etc.

Question 8

Primary Sector

Answer 8

Extracts raw materiala from the planet, for example: chopping down trees.

Question 9

Secondary Sector

Answer 9

Goods are manufactured from raw materials into finished goods. For example: metal, plastic, and carbon fibre ends up being used to make a car.

Question 10

Tertiary Sector

Answer 10

All the support services for a business, like shops, etail, banking and insurance

Question 11

Marketing

Answer 11

Is about raising awareness that a business exists and continuing to keep customers up to date

Question 12

Finance

Answer 12

Refers to sources of money for a business and managing the money of the business

Question 13

Human Resources (HR)

Answer 13

Refers to the coordination of all issues relating to the people a business employs. e.g. recruitement

Question 14

Operations

Answer 14

Is responsible for taking resources, such as: raw materials, finance, and business’ workforce, and using them to create finished goods or services.