AQA GCSE Business 3.1 Business in the real world overview quiz quiz

Land

Money

Labour

Enterprise

4 pounds

11 pounds

7 pounds

15 pounds

They can only ever lose the money they originally chose to invest

They pay no tax at all on any of the business profits they make

They are not allowed to employ any staff or take on new workers

They are personally responsible for all business debts

Public limited company (plc)

Sole trader

Partnership

Private limited company (Ltd)

Avoiding every possible business risk at all times

Willingness to take calculated risks

Working the fewest hours that they can get away with

Refusing to make any important decisions themselves

Increase total sales revenue by exactly 10% this year

Cut overall running costs by 5% over the next quarter

Become the market leader in the long term

Open two brand-new branches in the city by December

Owners always want lower prices while employees always want much higher prices

Both groups want exactly the same things from the business at all times

Employees are the people who decide and set the dividends paid out to owners

Owners want higher profit and may cut wages, while employees want higher pay

Survival

Maximum global market share

Paying large dividends

Becoming a multinational

To completely guarantee that the business will succeed

To give direction and help raise finance

To make sure the business avoids paying any tax

To remove the need to ever do any market research

Being as far away as possible from all customers

Being located right next to a smelly sewage works

Proximity to the market (customers)

Avoiding every town and city and staying rural

A need is a luxury item people desire while a want is something essential for survival

They mean exactly the same thing in every situation

A want is only ever relevant to businesses, never to ordinary customers

A need is essential for survival and a want is desirable but not essential