Exploring Business

Total marks: 34 · Answer all questions · This is a practice paper, not an official Pearson document.

Question 1

Give two forms of business ownership available to a private business.

(2 marks)

Question 2

Identify two types of organisational structure a business might use.

(2 marks)

Question 3

Identify what each letter of PESTLE stands for.

(2 marks)

Question 4

State the two main categories of market structure.

(2 marks)

Question 5

State what is meant by innovation in business.

(2 marks)

Question 6

State the difference between limited and unlimited liability.

(2 marks)

Question 7

State one advantage and one disadvantage of a hierarchical structure.

(2 marks)

Question 8

Give two examples of economic factors that can affect a business.

(2 marks)

Question 9

Identify two features of perfect competition.

(2 marks)

Question 10

State what is meant by enterprise.

(2 marks)

Question 11

Identify two types of not-for-profit organisation.

(2 marks)

Question 12

Identify two functional areas of a business.

(2 marks)

Question 13

Give two examples of social factors that can affect a business.

(2 marks)

Question 14

Explain the difference between perfect and imperfect competition.

(4 marks)

Question 15

Identify two ways a business can be innovative.

(2 marks)

Question 16

State the four sectors of the economy in which businesses operate.

(2 marks)