Edexcel GCSE Business Studies practice test
questions and correct rationales a+
guaranteed.
Stakeholders - n
Ans✔
Individuals or groups of individuals who affect or are affected by a business
Qs
Give 8 examples of stakeholders - n
Ans✔
1. Government
2. Owner
3. Employees
4. Financiers
5. Community
6. Costumers
7. Managers
8. Suppliers
Qs
Consumer Goods - n
Ans✔
Goods and services that are produced for consumers
Qs
Producer Goods - n
Ans✔
Goods or products sold from one business to another
,Qs
Needs - n
Ans✔
Essentials needed for human survivial
Qs
Wants - n
Ans✔
Luxury items that are desired but not required
Qs
What are objectives that businesses have? - n
Ans✔
1. Survival
2. Image
3. Growth
4. Profit
5. Market Share
Qs
What are SMART objectives? - n
Ans✔
Specific
Measurable
Achievable
Realistic
Timely
Qs
Entrepreneurs - n
,Ans✔
Individuals that takes risks on new business ideas
Qs
What are some of the qualities or skills that a successful entrepreneur must have? -
n
Ans✔
1. Risk taker
2. Organsied
3. Leader
4. Confident
5. Brave
6. Positive
7. Smart
8. Determined
9. Innovative
10. Responsible
Qs
Sole Trader - n
Ans✔
A business owned by one person
Qs
Three advantages of being a Sole Trader? - n
Ans✔
1. All profits are kept
2. Full control of business
3. Can apply for government help or support
, Qs
Three disadvantages of being a Sole Trader? - n
Ans✔
1. Unlimited liability
2. Unincorporated
3. No continuity
Qs
Partnerships - n
Ans✔
Business owned by 2 - 20 people and are of two forms: limited liability partnerships
and unlimited liability partnerships
Qs
Three advantages of partnerships - n
Ans✔
1. More capitol
2. Shared workload
3. No legal formalities
4. Partners can specialise in differnet fields or departments
Qs
Three disadvantages of partnerships - n
Ans✔
1. Conflicts and issues may arise
2. Unlimited liability
3. Profits shared
4. Tend to be small
Qs
questions and correct rationales a+
guaranteed.
Stakeholders - n
Ans✔
Individuals or groups of individuals who affect or are affected by a business
Qs
Give 8 examples of stakeholders - n
Ans✔
1. Government
2. Owner
3. Employees
4. Financiers
5. Community
6. Costumers
7. Managers
8. Suppliers
Qs
Consumer Goods - n
Ans✔
Goods and services that are produced for consumers
Qs
Producer Goods - n
Ans✔
Goods or products sold from one business to another
,Qs
Needs - n
Ans✔
Essentials needed for human survivial
Qs
Wants - n
Ans✔
Luxury items that are desired but not required
Qs
What are objectives that businesses have? - n
Ans✔
1. Survival
2. Image
3. Growth
4. Profit
5. Market Share
Qs
What are SMART objectives? - n
Ans✔
Specific
Measurable
Achievable
Realistic
Timely
Qs
Entrepreneurs - n
,Ans✔
Individuals that takes risks on new business ideas
Qs
What are some of the qualities or skills that a successful entrepreneur must have? -
n
Ans✔
1. Risk taker
2. Organsied
3. Leader
4. Confident
5. Brave
6. Positive
7. Smart
8. Determined
9. Innovative
10. Responsible
Qs
Sole Trader - n
Ans✔
A business owned by one person
Qs
Three advantages of being a Sole Trader? - n
Ans✔
1. All profits are kept
2. Full control of business
3. Can apply for government help or support
, Qs
Three disadvantages of being a Sole Trader? - n
Ans✔
1. Unlimited liability
2. Unincorporated
3. No continuity
Qs
Partnerships - n
Ans✔
Business owned by 2 - 20 people and are of two forms: limited liability partnerships
and unlimited liability partnerships
Qs
Three advantages of partnerships - n
Ans✔
1. More capitol
2. Shared workload
3. No legal formalities
4. Partners can specialise in differnet fields or departments
Qs
Three disadvantages of partnerships - n
Ans✔
1. Conflicts and issues may arise
2. Unlimited liability
3. Profits shared
4. Tend to be small
Qs
