AQA A-Level Business 3.1 What is business overview quiz quiz

Total revenue minus every cost the business incurs, including wages and rent

The profit that is left over once the business has paid its corporation tax

The total cost of producing a product, including all materials and labour

The difference between the price charged and the cost of bought-in inputs

A sole trader

A private limited company

A public limited company

An incorporated company

The company itself is never obliged to pay back any of the debts that it owes

Owners can only lose the amount they have invested

The business is not allowed to borrow any money from a bank or lender

Liability for all of the debts is shared equally with the government

A government-owned organisation that sits within the public sector of the economy

A charity that is legally prevented from making any profit for its owners

A private-sector business whose shares can be traded by the public

A business that is owned and controlled by a single individual person

The mission and the objectives are simply the same thing described in two different ways

The specific measurable objectives are always set first, and the broad mission is then written afterwards to fit them

The mission is always a precise financial target expressed as a single measurable figure

The mission is the broad qualitative purpose; objectives are the specific measurable goals delivering it

$20\%$

$5\%$

$25\%$

$80\%$

A customer

An employee

A supplier

The local community

The choice of colour scheme used for the company logo and branding

The choice of which town or city to locate the head office in

Whether to cut wages to increase profit

The trading name that the business decides to operate under

Political

Social

Legal

Economic

Enterprise is the willingness to take a risk and combine the other factors

Land and capital are exactly the same factor of production with two different names

Labour refers only to the managers of a firm and not to its other workers

Capital means the money that is raised from a firm's paying customers

It has unlimited cash reserves and faces no competitors at all in its market

Limited cash and intense competition make staying solvent the priority early on

Survival as an objective always earns a new firm more profit than maximisation does

The law requires every newly launched firm to choose survival as its first objective