Enterprise and business functions

Question 1

What is the primary focus of Chapter 1 in the OCR Business A Level?

Answer 1

An introduction to business concepts and the role of businesses in the economy.

Question 2

True or False: A business is any organization that provides goods or services to customers.

Answer 2

True

Question 3

Fill in the blank: The main purpose of a business is to create ________.

Answer 3

value

Question 4

What are the four main factors of production?

Answer 4

Land, labor, capital, and entrepreneurship.

Question 5

Which of the following is NOT a type of business ownership? a) Sole trader b) Partnership c) Corporation d) Monopoly

Answer 5

d) Monopoly

Question 6

What is a sole trader?

Answer 6

A business owned and operated by one individual.

Question 7

List one advantage of being a sole trader.

Answer 7

Complete control over the business.

Question 8

What is a partnership?

Answer 8

A business owned by two or more people who share profits and responsibilities.

Question 9

True or False: Corporations have limited liability.

Answer 9

True

Question 10

What is meant by ‘limited liability’?

Answer 10

Owners are not personally responsible for the debts of the business.

Question 11

What is a private limited company often abbreviated to?

Answer 11

Ltd.

Question 12

Multiple Choice: Which of the following is a characteristic of a corporation? a) Unlimited liability b) Limited lifespan c) Limited liability d) Owned by a single individual

Answer 12

c) Limited liability

Question 13

What does the term ‘entrepreneur’ refer to?

Answer 13

An individual who starts and runs a business, taking on financial risks in the hope of profit.

Question 14

Fill in the blank: Businesses aim to satisfy ________ by providing goods and services.

Answer 14

customer needs

Question 15

What is a business plan?

Answer 15

A detailed proposal outlining the strategy and financial forecasts for a business.

Question 16

True or False: All businesses are profit-driven.

Answer 16

False

Question 17

What is a non-profit organization?

Answer 17

An organization that operates for purposes other than making a profit.

Question 18

What is meant by ‘market research’?

Answer 18

The process of gathering, analyzing, and interpreting information about a market.

Question 19

What are ‘goods’ in business terminology?

Answer 19

Tangible products that can be sold.

Question 20

What are ‘services’ in business terminology?

Answer 20

Intangible offerings that provide value to customers.

Question 21

What is the role of a manager in a business?

Answer 21

To plan, organize, lead, and control resources to achieve business objectives.

Question 22

True or False: A business’s mission statement outlines its purpose and objectives.

Answer 22

True

Question 23

What is the difference between ‘primary’ and ‘secondary’ sectors?

Answer 23

The primary sector involves extracting raw materials, while the secondary sector involves manufacturing goods.

Question 24

Fill in the blank: The ________ sector includes services like healthcare, education, and finance.

Answer 24

tertiary

Question 25

What is ‘corporate social responsibility’ (CSR)?

Answer 25

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