A Level Business Studies
- Introduction To business
Questions and Answers
Updated 2026-2027
Entrepreneur - Answer A person who organizes, manages, and takes on the risks of a
business.
Enterprise - Answer A business or company
A project or undertaking, especially a bold or complex one.
Characteristics of an entrepreneur - Answer Hardworking, competent, reliable, diligent,
energetic and enthusiastic, self belief and confident, persistent, team worker, ability to work
under pressure, creative and imaginative, comfortable with risk, leadership skills
Factors of production - Answer The inputs that are used in the production of goods or
services. They are land, labour, capital, enterprise.
Value added - Answer What a business achieves by ensuring that the price of the finished
good or service is in excess of the cost of the input
Constraints on a business - Answer Restraining factors of a business e.g. environment,
competition,
Legislation, the economy
Functions within a business - Answer Accounting and finance, operations management and
production, marketing and support service, Human Resources management (HRM)
- Introduction To business
Questions and Answers
Updated 2026-2027
Entrepreneur - Answer A person who organizes, manages, and takes on the risks of a
business.
Enterprise - Answer A business or company
A project or undertaking, especially a bold or complex one.
Characteristics of an entrepreneur - Answer Hardworking, competent, reliable, diligent,
energetic and enthusiastic, self belief and confident, persistent, team worker, ability to work
under pressure, creative and imaginative, comfortable with risk, leadership skills
Factors of production - Answer The inputs that are used in the production of goods or
services. They are land, labour, capital, enterprise.
Value added - Answer What a business achieves by ensuring that the price of the finished
good or service is in excess of the cost of the input
Constraints on a business - Answer Restraining factors of a business e.g. environment,
competition,
Legislation, the economy
Functions within a business - Answer Accounting and finance, operations management and
production, marketing and support service, Human Resources management (HRM)
