Understanding Business Revision

What is the primary aim of a business?

• To increase taxes

• To satisfy customers' needs and wants

• To reduce competition

• To operate in the public sector

In which sectors can businesses operate?

• Agricultural, industrial, or technological sectors

• Local, national, or international sectors

• Primary, secondary, or quaternary sectors

• Private, public, or third sectors

Which of the following is NOT a sector of industry?

• Quaternary

• Secondary

• Primary

• Tertiary

Which sector involves raw material extraction?

• Quaternary

• Tertiary

• Secondary

• Primary

What is a characteristic of the tertiary sector?

• Manufacturing goods

• Conducting research

• Providing services

• Extracting raw materials

Which of the following is a type of business organisation?

• Non-profit club

• Government agency

• Educational institution

• Sole trader

What is an external factor affecting businesses?

• Management style

• Company policies

• Employee skills

• Economic conditions

Who are considered stakeholders in a business?

• Employees, customers, and suppliers

• Only the business owner

• Competitors

• Government officials

What is the role of the public sector in business?

• Competing with private companies

• Reducing public spending

• Maximizing profits

• Providing essential services

What is customer service?

• 
  The service a customer receives before, during and after a sale

• The service a customer receives during a sale

• The service a customer receives after a sale