What's covered
Key facts
A broad long-term goal for a business is called an aim.
Physical items a business sells, such as bread or shoes, are called goods.
The BBC and Channel 4 are part of the UK public sector.
A challenge for social enterprises is balancing financial survival with their mission.
Two designers form a partnership rather than each staying a sole trader to share workload, ideas and start-up costs.
Customers are stakeholders because they affect the business's success.
A business provides goods or services for its customers.
Aims and objectives may change as a business and its market grow.
A feature of a 'good' that differs from a service is that it can be physically held and stored.
Governments run health in the public sector to make care available to everyone fairly.
Sample questions
A taste of the 80 questions in this topic — answers marked. Sign up to practise the full set with spaced repetition.
Which is a common aim for a brand-new business?
- •Becoming a multinational company instantly
- •Listing shares on the stock market in week one
- •Maximising profits from day one
- ✓Survival in its first year
Which is an example of a service?
- •A bag of fresh apples
- •A bottle of orange juice
- ✓A bus journey across town
- •A pencil and a notebook
Which is a public-sector organisation?
- •Aldi UK
- •Sainsbury's
- ✓The NHS
- •Vodafone
What does a social enterprise mainly do with its profits?
- •Distribute them to every UK household
- •Hide them from any tax checking
- •Pay them as dividends to overseas owners
- ✓Reinvest them into its social aim
How many people are needed to form a partnership in the UK?
- •At least ten
- ✓At least two
- •Exactly fifty
- •More than 1,000
Which is an internal stakeholder?
- •A customer buying from the business
- •A neighbour living near the business
- •A supplier delivering goods to the business
- ✓An employee of the business
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