Role of Business is Society

Question 1

Primary is

Answer 1

The extraction of raw materials

Question 2

Secondary is

Answer 2

Using resources to build their products

Question 3

Tertiary is…

Answer 3

Firms which provide goods or services

Question 4

Quaternary is

Answer 4

All IT and knowledge based services

Question 5

Private sector
Owned, controlled and financed

Answer 5

Owned by shareholders or private individuals
Controlled by board of directors
Financed by selling or issuing shares

Question 6

Public sector
Owned, controlled and financed

Answer 6

Owned by the government
Controlled by MPs or CEOs of government agencies
Financed by taxation

Question 7

Third sector
Owned controlled and financed

Answer 7

Owned by founders
Controlled by a board of trustees
Financed by fundraising and donations

Question 8

Charities
Owned, controlled and objective

Answer 8

Owned by founders
Controlled by a board of trustees
Raise funds and awareness for their cause

Question 9

Social enterprises…

Answer 9

Sell goods or services to make a profit but profits are reinvested to help the community or a social cause

Question 10

Clubs aim to…

Answer 10

Provide a service for specific groups in the community
Funded by subscriptions and memberships

Question 11

Objectives are…x6

Answer 11

Remain in budget- use taxpayer money effectively
Survival- finding place in market
Providing a high quality service- returning customers and good reviews
Good CSR- good reputation and attracts ethical customers
Market leader- more customers than competitors
Growth- expand business and increase customer base