Business Management for the IB Diploma

Name: ______________________________ Date: ________

Chapter 1.1: Intro to business: Base knowledge worksheet

Full sentence answers are not required: 20 marks

1 What are the four basic factors of production? (4)

2 What are the four main functional departments of businesses? (4)

3 State the three main sectors of industry. Explain what each does. (6)

4 State two ways in which the relative importance of each sector is measured. (2)

5 Distinguish between entrepreneurs and intrapreneurs (2)

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Business Management for the IB Diploma

6 Outline common steps in the process of starting a business . (5)

7 explain the changes in sectors of production (4)

8 Identify four reasons of starting a business (4)

9 Outline the main elements of a business plan (2)

10 Explain how business functions may relate to each other. (6)

11 State four problems faced by start-ups. (4)

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Business Management for the IB Diploma

11 State three advantages of small businesses, in comparison to large businesses. (3)

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