Tag: GCSE

Which ONE of the following is a definition of the term “break-even level of output”?

Select ONE answer only:

1. The level of output at which total profits = total costs
2. The level of output at which total fixed costs = total revenue
3. The level of output at which total variable costs = total fixed costs
4. The level of output at which total fixed costs = total profits
5. The level of output at which total revenue = total costs

Explain ONE reason why a business owner might want to reduce the variable cost per unit.

Which ONE of the following is a characteristic of an entrepreneur?

Select ONE answer only:

1. A very wealthy family background
2. A willingness to undertake a new venture
3. Someone who is not willing to take risks
4. An education to at least up to a university degree
5. Someone who was a member of the Scouting Association

Explain ONE method a business could use to add value to its products.

Which ONE of the following is a characteristic of an entrepreneur?

Select ONE answer only:

1. A very wealthy family background
2. A preparedness to take risks
3. Someone who is not willing to take risks
4. An education to at least up to a university degree
5. Someone who was a member of the Scouting Association

Explain ONE reason why customer service is an important need that businesses should meet.

Which ONE of the following BEST defines the role of an entrepreneur?

Select ONE answer only:

1. Someone who enjoys working in the service sector
2. Someone who wants to avoid paying income tax
3. Someone who owns and runs their own business and takes risks
4. Someone who wants to work in the public sector
5. Someone who runs a business while the owner is away on holiday

Discuss an impact that entrepreneurs have on the economy.

Which ONE of the following is MOST likely to be a customer for a marketing agency that produces brochures for holiday tour operators?

Select ONE answer only:

1. The local government sector
2. The public at large
3. The supplier who provides the business with paper
4. The stakeholders in the business
5. A business selling safari adventure holidays in South Africa

Explain ONE way that a business can meet the needs of its customers.