Business Studies OCR GCSE business activity Flashcards
What is a business?
An organization that provides goods or services to consumers.
True or False: A sole trader is a type of business owned by one person.
True
Fill in the blank: The primary aim of most businesses is to make ______.
profit
What is the difference between a need and a want?
A need is something essential for survival, while a want is a desire for something that is not essential.
What is the term for the factors of production?
Land, labor, capital, and enterprise.
Which business structure limits the liability of its owners?
Limited company
What does ‘market research’ involve?
Gathering information about consumers’ needs and preferences.
Multiple Choice: Which of the following is NOT a function of business? A) Production B) Marketing C) Recreation D) Finance
C) Recreation
What is the purpose of a business plan?
To outline the strategy and objectives of a business.
True or False: A partnership can have unlimited partners.
False
What is ‘entrepreneurship’?
The process of starting and running a new business.
Fill in the blank: The four P’s of marketing are Product, Price, Place, and ______.
Promotion
What is ‘cash flow’?
The total amount of money being transferred in and out of a business.
Multiple Choice: Which term refers to the legal right to use a brand name? A) Trademark B) Copyright C) Patent D) License
A) Trademark
What is ‘profit margin’?
The difference between sales revenue and costs, expressed as a percentage of sales revenue.
True or False: A franchisee has full control over the business operations.
False
What does SWOT stand for in SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats.
What is ‘market segmentation’?
The process of dividing a market into distinct groups of buyers.
Fill in the blank: The acronym ‘CSR’ stands for ______.
Corporate Social Responsibility
What is ‘economies of scale’?
Cost advantages that a business obtains due to the scale of operation.
Multiple Choice: Which of the following is a fixed cost? A) Rent B) Raw materials C) Wages D) Marketing
A) Rent
What is ‘branding’?
The process of creating a unique name and image for a product.
True or False: A business can only have one target market.
False
What is the ‘break-even point’?
The level of sales at which total revenues equal total costs.
Fill in the blank: A ______ is a written document that describes a business’s goals and how to achieve them.
business plan
What is ‘e-commerce’?
Buying and selling goods and services over the internet.
Multiple Choice: What is the main purpose of advertising? A) To inform B) To persuade C) To remind D) All of the above
D) All of the above
What is ‘customer loyalty’?
The tendency of customers to continue buying from a specific business.
True or False: A sole trader can have employees.
True
What does ‘B2B’ stand for?
Business to Business.
Fill in the blank: The process of managing a business’s resources is called ______.
management
What is ‘market share’?
The portion of a market controlled by a particular company or product.
Multiple Choice: Which term describes the total value of all goods and services produced in a country? A) GDP B) GNP C) CPI D) PPI
A) GDP
What is ‘supply chain management’?
The management of the flow of goods and services from suppliers to consumers.
True or False: A business can operate without a marketing strategy.
True
What is ‘customer feedback’?
Information from customers about their experience with a product or service.
Fill in the blank: The main financial statement that shows a company’s profitability is the ______.
income statement
What is ‘competition’ in a business context?
The rivalry between businesses to attract customers.
Multiple Choice: Which of the following is a variable cost? A) Salaries B) Utilities C) Equipment D) Buildings
B) Utilities
What is ‘business ethics’?
Moral principles that guide the way a business behaves.
True or False: All businesses must register with the government.
False
What is ‘diversification’ in business?
The strategy of entering into new markets or industries.
Fill in the blank: A ______ is a person who takes on the risk of starting a business.
entrepreneur
