1.1 Enterprise - Added Value

• Business
• Secondary Education

1.1 Enterprise - part 1

What does "added value" refer to in a business context?

1. The initial cost of producing a product
2. The total revenue generated by a business
3. The difference between the selling price and the cost of inputs
4. The amount of profit a business makes

Which of the following is an example of a non-profit organisation?

1. A charity providing education to underprivileged children
2. A technology startup aiming for rapid growth
3. A local bakery focusing on increasing its customer base
4. A retail chain aiming to expand its market share

Which of the following best describes the primary purpose of a business?

1. Maximizing shareholder wealth
2. Minimising costs
3. Providing goods and services to meet customer needs
4. Employing a large workforce

Which of the following is NOT a common business objective?

1. Increasing market share
2. Maximising added value
3. Minimising customer satisfaction
4. Achieving long-term growth

What are the factors of production?

1. Advertising, sales, distribution, and research, suppliers, government, customers
2. Marketing, production, finance, and management, suppliers, government, customers
3. Suppliers, customers, shareholders, and employees, government
4. Land, labor, capital, and entrepreneurship, suppliers, government, customers

What role does "entrepreneurship" play in the factors of production?

1. It refers to the money invested in the business.
2. It represents the physical resources used in production.
3. It involves the creativity and innovation needed to start and run a business.
4. It refers to the skills and expertise of the employees.

How does technological advancement impact the factors of production?

1. It decreases the importance of entrepreneurship.
2. It can lead to increased efficiency and innovation in production processes.
3. It reduces the need for skilled labor.
4. It has no impact on the factors of production.

A business that aims to provide high-quality products and excellent customer service is likely focused on which business objective?

1. Profit maximisation
2. Cost minimisation
3. Market share expansion
4. Customer satisfaction

Well done!