Business In The Real World

Question 1

What is business

Answer 1

A buniness is an organisation design for products and services.

Question 2

What is a product

Answer 2

A producted is when you statisfy a custumer that can be touched or tangible

Question 3

What is a service

Answer 3

Is something you cannot touch or non tangible that can help and suport people.

Question 4

What would you use land for in business

Answer 4

Somwhere to produce the goods

Question 5

Where would you use a capital in a business

Answer 5

Money to get the business started

Question 6

What would use labour in business

Answer 6

People to work in the business

Question 7

What is Enterprise

Answer 7

This is a drive or motavation from the owners to start a business

Question 8

Primary sector

Answer 8

The primary sector extracts raw material from the earth.e.g coal,diamonds,trees

Question 9

Secondary sector

Answer 9

Scondary sector is when people use raw material into finished goods.e.g plastic metal and other materials to make a car.

Question 10

Tertiary sector

Answer 10

The tertiary sector is support service which also includes shops,retail banking,and insurance.e.g transport goods

Question 11

what does Entrepreneur mean

Answer 11

A person who starts a business and takes a financial risk in hope of making profit.

Question 12

Why do people start a business?

Answer 12

People start busineses because people have skills so they maybe wants to make money by producing goods.They might want to supply a service to help people.

Question 13

Entrepreneur objectives

Answer 13

.To be your own boss which means that you can make all the decisions in the business.
.If you work hard in your own business you can earn alot of money.

Question 14

Changes in technology in a business

Answer 14

.Small businesses are now able to set up virtually online due to websites.
.new technology in vr meaning that there are alot of new products on the gaming market.
.

Question 15

What is the primary goal of a business?

Answer 15

To generate profit for its owners.

Question 16

True or False: A non-profit organization aims to make a profit.

Answer 16

False.

Question 17

Fill in the blank: The __________ refers to the total amount of money a business makes before expenses are deducted.

Answer 17

Revenue

Question 18

What is a market economy?

Answer 18

An economic system where supply and demand determine the price of goods and services.

Question 19

Multiple Choice: Which of the following is NOT a factor of production? A) Land B) Labor C) Money D) Capital

Answer 19

C) Money

Question 20

What is the term for the process of creating a new product or service?

Answer 20

Innovation.

Question 21

True or False: A sole proprietorship is a type of business owned by one individual.

Answer 21

True.

Question 22

What does ‘SWOT’ stand for in business analysis?

Answer 22

Strengths, Weaknesses, Opportunities, Threats.

Question 23

Fill in the blank: A __________ is a legal entity that is separate from its owners.

Answer 23

Corporation

Question 24

What is a business plan?

Answer 24

A document that outlines a business’s goals, strategies, and financial projections.

Question 25

Multiple Choice: Which of the following is a key component of marketing? A) Production B) Distribution C) Human Resources D) Accounting

Answer 25

B) Distribution

Question 26

What is the purpose of market research?

Answer 26

To gather information about consumers' needs and preferences.

Question 27

True or False: The 'Four Ps' of marketing are Product, Price, Place, and Promotion.

Answer 27

True.

Question 28

What is the difference between fixed costs and variable costs?

Answer 28

Fixed costs do not change with production levels, while variable costs do.

Question 29

Fill in the blank: __________ is the process of managing a company's financial resources.

Answer 29

Finance

Question 30

What is a competitive advantage?

Answer 30

A condition or circumstance that puts a company in a favorable or superior business position.

Question 31

Multiple Choice: Which of the following is a common form of business ownership? A) Cooperative B) Franchise C) Partnership D) All of the above

Answer 31

D) All of the above

Question 32

What is corporate social responsibility (CSR)?

Answer 32

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Question 33

True or False: E-commerce refers to buying and selling goods over the internet.

Answer 33

True.

Question 34

What is the importance of customer service in business?

Answer 34

It helps retain customers and build loyalty.

Question 35

Fill in the blank: __________ is the practice of promoting products or services through various forms of media.

Answer 35

Advertising

Question 36

What is a target market?

Answer 36

A specific group of consumers at which a company aims its products and services.

Question 37

Multiple Choice: Which financial statement summarizes a company's financial performance over a specific period? A) Balance Sheet B) Income Statement C) Cash Flow Statement D) Statement of Retained Earnings

Answer 37

B) Income Statement

Question 38

What is a startup?

Answer 38

A newly established business, typically in the early stages of operations.

Question 39

True or False: Supply chain management involves overseeing the flow of goods and services from production to consumption.

Answer 39

True.

Question 40

Fill in the blank: __________ is the act of setting and achieving goals for a business.

Answer 40

Strategic Planning