Business Studies Revision Program 2023 A/L

Unit – 01 Background of Business & Business Environment

Fast Track Theory
1. Define the term business and present a flow chart to classify the activities of business
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2. Define human needs and Wants with examples, state the characteristics of needs and wants
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Human Needs Human Wants

3. State business functions

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4. State the Abraham Maslow’s hierarchy of needs

5. What are the characteristics of businesses?

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6. State different aims/goals of businesses

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7. State the importance of businesses

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8. How does a business could run without earning profits and state examples for not for profit
businesses
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9. There are different bases available to classify businesses, classify businesses under each base
Base Sub Classification

10. Briefly explain the evolution of business

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11. Why it is required to have aims for businesses

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12. State the importance of profits to a business

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13. Briefly explain the new trends in businesses

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14. Who are stakeholders to a business and state the reasons for the interest of various parties in the
business

Stakeholders Reasons for interest

15. Define globalization and State the advantages and disadvantages of globalization
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Advantages Disadvantages

16. What is Demand and state two factors that influence to make a demand for products
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17. Classify the production

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18. State two alternative methods of classifying production (sectors and levels)
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19. What is specialization and how does specialization impacts to expand the businesses?
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20. What is job specialization and state the advantages and disadvantages of job specialization
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Advantages Disadvantages

21. What is production process and briefly explain the elements of production process
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22. What is gross domestic production and state the composition of gross domestic production in Sri
Lanka
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23. What are products and state the basic and complex definitions of products
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24. State the difference between goods and services

Goods Services

25. Classify products

26. State the differences between consumer goods and industrial goods

Consumer goods Industrial goods

27. What is e business and state the features and benefits of e business
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28. Classify e businesses
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29. State the difference between e business and e commerce

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30. State the reasons for popularity of electronic commerce

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31. What is business environment?

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32. Classify the business environment

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33. What is internal environment and state the factors in internal environment
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34. What is external environment and state the sub factors of external environment
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35. What is SWOT analysis and explain with examples

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36. Explain the impact of SWOT on business

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