1) What Is Business

Question 1

What do businesses provide

Answer 1

Goods and services for a customer’s needs and wants

Question 2

What are 4 business aims

Answer 2

Profit
Higher quality
Sustainable products
Excellent customer service

Question 3

What is a mission statement

Answer 3

States a business’ aims and objectives

Question 4

What are corporate objectives

Answer 4

Objectives for a business as a whole

Question 5

What are functional objectives

Answer 5

Objectives for individual departments

Question 6

What are 4 types of objectives

Answer 6

Profit
Growth
Survival
Cash flow

Question 7

What is profit

Answer 7

Revenue - cost

Question 8

Why is large scale production cheaper

Answer 8

Economies of scale

Question 9

What are the 4 business structures

Answer 9

Sole trader
Partnership
Public limited company (PLC)
Private limited company (LTD)
Non profit organisation

Question 10

Market capitalisation formula

Answer 10

Shares issued x share price

Question 11

What are 4 factors that can affect cost and demand

Answer 11

Political
Labour supply
Economic
Seasonal