GCSE Business, Enterprise and marketing. Usually met in years 9 to 11.
Learn what entrepreneurs do, the types of business ownership, and how aims and objectives guide a business.
What you practise
Sole traders, partnerships and companies
Limited and unlimited liability
Stakeholders, aims and objectives
Starts with types of ownership and builds to opportunity cost and calculated risk. Practice moves up a level when a round goes well and down when it does not.
Sample questions
Each sample comes with the method and the reason every wrong option is wrong. Real practice rounds are ten questions at your level.
Sample question, level 2 of 5
What does ‘stakeholder’ mean?
The owners being personally responsible for all the business’s debts
A company (plc) whose shares can be bought and sold on a stock exchange
Anyone who is affected by, or has an interest in, what a business does
A broad long-term goal of a business
Someone who takes the risk of starting and running a business
Show the answer and method
Answer: C, Anyone who is affected by, or has an interest in, what a business does
The method: Stakeholder means anyone who is affected by, or has an interest in, what a business does.
Why the other options are wrong:
A, The owners being personally responsible for all the business’s debts: That describes unlimited liability.
B, A company (plc) whose shares can be bought and sold on a stock exchange: That describes public limited company.
D, A broad long-term goal of a business: That describes aim.
E, Someone who takes the risk of starting and running a business: That describes entrepreneur.
Sample question, level 4 of 5
Which term means: the next best choice given up when a decision is made?
USP
Private limited company
Opportunity cost
Market map
Objective
Show the answer and method
Answer: C, Opportunity cost
The method: Opportunity cost means the next best choice given up when a decision is made.
Why the other options are wrong:
A, USP: USP means the feature that makes a product different from its competitors.
B, Private limited company: Private limited company means a company (Ltd) whose shares cannot be sold to the general public.
D, Market map: Market map means a diagram that places competing products by two features, such as price and quality.
E, Objective: Objective means a specific, measurable target that helps a business reach its aims.
