different types of businesses

Question 1

what is an entrepreneur?

Answer 1

someone who takes a calculated risk and starts a business

Question 2

what are reasons for starting a business?

Answer 2

• making a profit
• work-life balance
• skills and interests

Question 3

what does B-2-B stand for?

Answer 3

Business selling to business

Question 4

What does B-2-C stand for?

Answer 4

Business selling to customers

Question 5

what are advantages of being an entrepreneur?

Answer 5

• being your own boss

- flexible working hours

Question 6

what are disadvantages of being an entrepreneur?

Answer 6

• risk of failure

- stress of being responsible for all decisions

Question 7

what is an example of primary businesses?

Answer 7

fishing, farming

taking materials

Question 8

what is an example of secondary?

Answer 8

mechanic

using the materials to create something

Question 9

what is an example of tertiary?

Answer 9

new look, food shops

providing the products

Question 10

what are the factors of production?

Answer 10

Land, Labour, Capital, Enterprise

Question 11

what is the land factor?

Answer 11

where business is based

Question 12

what is the labour factor?

Answer 12

people working in the business

Question 13

what is the capital factor?

Answer 13

buildings/machinery needed by business

Question 14

what is the enterprise factor?

Answer 14

skills from ideas to business

Question 15

what are examples from the outside world that have impacted businesses?

Answer 15

• corona virus

- brexit

Question 16

what is limited liability?

Answer 16

owners are not responsible for companys debts

Question 17

what is unlimited liability?

Answer 17

owners are responsible for the companies debts

Question 18

what is a sole trader?

Answer 18

a business owned by one person

Question 19

what is a partnership?

Answer 19

a business owned by two people

Question 20

what is a public limited company?

Answer 20

anyone can own part of the business if they buy shares

Question 21

what is a private limited company?

Answer 21

owned by shareholders

Question 22

what is a not-for-profit?

Answer 22

a business where their goal is to not make a profit

Question 23

what is an objective?

Answer 23

what you will do to achieve your aim

Question 24

what are the features of an effective objective?

Answer 24

Specific
Measurable 
Achievable
Realistic
Time bound

Question 25

state two reasons for a business of setting an objective.

Answer 25

• gives you direction

- helps achieve their aim

Question 26

what is a stakeholder?

Answer 26

any individual or organisation who has an interest in the activities and decision making of a business

Question 27

what is a shareholder?

Answer 27

owns the business, may work for the business and earn a share of the profit

Question 28

what are two reasons an entrepreneur would want to be a sole trader?

Answer 28

• they earn all the profit

- they are their own boss

Question 29

what are two problems of becoming a sole trader?

Answer 29

• no one can invest to the business to help it grow

- no one to help with the business(no new ideas)

Question 30

what is a good?

Answer 30

actual objects, produced and consumed

Question 31

what is a service?

Answer 31

activities provided by other people or businesses

Question 32

what is a need?

Answer 32

goods and services we need to live

Question 33

what is a want?

Answer 33

something you would like