What's covered
Key facts
Aims and objectives of a business
A broad long-term goal for a business is called an aim.
Goods vs services
Physical items a business sells, such as bread or shoes, are called goods.
Public sector vs private sector
Governments run health in the public sector to make care available to everyone fairly.
Social enterprises and charities
A challenge for social enterprises is balancing financial survival with their mission.
Sole traders, partnerships and companies
An arrangement that lets someone use an established brand for a fee is a franchise.
Stakeholders in a business
Customers are stakeholders because they affect the business's success.
What a business is and why businesses exist
A business provides goods or services for its customers.
Aims and objectives of a business
Aims and objectives may change as a business and its market grow.
Goods vs services
A feature of a 'good' that differs from a service is that it can be physically held and stored.
Public sector vs private sector
The NHS is a public-sector organisation.
Sample questions
A taste of the 75 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 the market leader
- •Maximising profits from day one
- •Opening shops in several countries
- ✓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?
- •Keep them as the founder's salary
- •Pay them as dividends to the owners
- ✓Reinvest them into its social aim
- •Spend them on the owners' bonuses
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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