Business activity quiz - WJEC GCSE Business quiz

Making a product worth more than the cost of its inputs

Charging the highest possible price

Reducing the wages paid to staff

Selling a product at a loss

A foreign holiday

A games console

Food and shelter

A designer coat

Land, labour, profit and price

Money, machines, marketing and management

Primary, secondary, tertiary and quaternary

Land, labour, capital and enterprise

Primary sector

Tertiary sector

Quaternary sector

Secondary sector

A guaranteed monthly salary

Keeping the profit and being your own boss

Limited working hours set by an employer

No personal financial risk

Avoiding all decisions

Refusing to take any risks

Disliking hard work

Determination and willingness to take risks

An aim is a broad goal; an objective is a specific, measurable target

An aim is short term; an objective is always long term

They mean exactly the same thing

An objective is vague; an aim is precise

Because new firms always make large profits

Because it has low sales, an unknown brand and tight cash, so must first stay open

Because the law requires new firms to aim to survive

Because growth is illegal for new firms

Marketable

Motivating

Measurable

Manageable

The owner can only lose the money they invest

The business pays no tax

The owner is personally responsible for all the business's debts

The business can borrow an unlimited amount

A private limited company (Ltd)

A sole trader

An ordinary partnership

A market stall

Ownership of the entire brand

The right to trade under an established brand and business model for a fee

A guarantee that the business cannot fail

Freedom to ignore the franchisor's rules

An employee

A manager

The owner

A customer

Both always want exactly the same thing

Owners want low costs and high profit, while employees want higher wages

Employees want lower pay to help the owners

Owners want to close the business down

Internal growth is illegal; external growth is legal

Internal growth only happens abroad; external growth only happens at home

Internal (organic) growth expands the firm's own operations; external growth joins with another firm through a merger or takeover

There is no difference between them