RETAKE TEST ANSWERS Flashcards

1
Q

what are the 4 factors of production ?

A

LAND
LABOUR
CAPITAL
ENTERPRISE

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2
Q

what is an example for LAND in the factors of production ?

A

vegetables , plants, fish , cotton harvested from a plant

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3
Q

what is an example for LABOUR in the factors of production?

A

waiter, florist, fishermen, workers

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4
Q

what is an example for CAPITAL in the factors of production?

A

oven, pots , fishing rod , sewing machine

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5
Q

what is an example for ENTERPRISE in the factors of production ?

A

restaurant, entrepreneur ,fish market , entrepreneur

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6
Q

what are the 3 sectors of ECONOMY?

A

PUBLIC
PRIVATE
THIRD/VOLUNTARY

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7
Q

what types of organisations can be found in the private sector ?

A

SOLE TRADER
PARTNISHIP
PRIVATE LIMETED COMPANY LTD
PUBLIC LIMETED COMPANY PLC

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8
Q

state 3 features of a partnership ?

A

2 TO 20 PEOPLE

UNLIMETED LIABILLITY

PARTNISHIP AGREEMENT

SHARE WORKLOAD

EASIER TO MAKE DECISIONS

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9
Q

what are the key skills an entrepreneur should possess ?

A

GOOD COMMUNICATION
TAKE RISKS
GOOD LEADERSHIP
SPOT A GAP IN THE MARKET

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10
Q

what are the similarities between Private Limited Companies and Public Limited Companies ?

A

BOTH HAVE LIMETED LIABILITY
THEY ARE SHAREHOLDERS
EASIER TO RAISE FINANCE
RUN BY A BOARD OF DIRECTORS

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11
Q

what is the difference between leasing a van and hire purchasing a van ?

A
  • when you lease a van you never own it
  • when you hire purchase a van you pay until you own it
  • if you hire purchase a van you can lose it if you don’t keep up payments
  • if there is a problem with the van the lease will pay for the repair
  • if there is a problem with the van and you are with hire purchase your responsible for repairs
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12
Q

what are 3 ADVANTAGES of becoming a FRANCHISEE ?

A
  • you get to choose colours and trade marks for a well established brand
    -guaranteed profits and sales
    -business plan is already in place
  • they provide all equipment and training required
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13
Q

what are 2 ways a charity can raise funds to support it’s cause?

A

HAVE A CHARITY SHOP

HOST AN EVENT

FUNDRIASE IN TEH HIGH STREET

ASK PEOPLE TO ADD A DONATION INTO THERE WILL

GET SUPPORT OR GRANTS FROM ORGINISATIONS

HOST SPONSERED EVENTS

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14
Q

services provided by the public sector?

A

NHS
POLICE FORCE
FIRE BRIGADE
LIBARIES
SCHOOL
BINS

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15
Q

what are the consequences for a business that doesn’t pay attention to customer service ?

A

PEOPLE DONT RETURN
PEOPLE SPEND LESS
YOU LOSE CUSTOMER LOYALTY
BAD REVIEWS
LESS PROFIT
THEY TELL PEOPLE NOT TO COME
THEY SPEND MONEY SOMEWHERE ELSE

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16
Q

Name 2 stakeholders of a business and give an example of a conflict that could arise between them ?

A

internal
-employees’
-manager
-share holders

external stakeholders
-suppliers
-government
-customer and community
-bank

conflict

-employees want higher pay and more holidays
-manager wants employees to work harder for lower pay
-customer wants good products at low cost
-manager wants to sell and a high price to make as much profit as possible

17
Q

what are the number of units in the break even chart ?

A

25 UNITS

18
Q

if 15 units have been produced has Portobello enterprise made a profit or loss ?

A

LOSS

19
Q

name the type of costs shown by lien A ?

A

FIXED COST

20
Q

give 2 examples of what can be considered this type of cost ?

A

RENT , UTILLTY MORGAGE

21
Q
A