Business unit 1

Through what activities does a business aim to meet the needs of individuals or organizations?

• extracting raw materials from the earth, creating a product, providing a service

• manufacturing

• being in a secondary sector

• marketing, financing, operatiion mansgement and production

What does “added value” mean?

• Added value refers to the right quantity of cash that is required to start a business.

• Added value refers to the increased utility of a product as it passes through different production stages

1. Choose the correct answer with only resource inputs.

• goods, services

• human, physical and production resources

• capital-intensive resource and labour intensive resource

• Human, physical, financial, enterprise

What are key business functions?

• providing services, goods

• changing sectors combined with Human Resources

• human resources, marketing, finance and accounts, operations management or production

• human, physical, financial, enterprise

Choose the correct definition for "Human Resources".

• The business function that handles all aspects relate

  to the workforce, involving all aspects of a firm's

  operations related to staff (personnel) within an

  organization.

• The knowledge, skills and experiences of individuals

  who have the capability to manage the overall

  production process.

Choose the correct definition for "marketing".

• The process of producing a particular good or service

  that is worth more than the cost of the resources used

  to produce it.

• Business function of identifying the needs and wants of customers so that the organisation can provide

  goods and services to meet these requirements and

  desires, usually in a profitable way.

Which business sectors focus on creating goods?

• only primary

• primary and tertiary

• primary and secondary

• all sectors

Primary sector is a business activity involved with the extraction of

natural resources, e.g. fishing, mining and agriculture.

• True

• False

Quaternary sector is a business activity involving the creation or sharing of

knowledge and information.

• True

• False

Choose the correct answer with some examples to start a business

• necessity, rewards, sharing an idea

• legal requirements and marketing

• independence

• challenge, interest, finding a gap