Unit one - business activity terms

Question 1

Enterprise

Answer 1

Spotting an opportunity to provide a product or service that people are willing to buy

Question 2

Initiative

Answer 2

The ability to use your judgment to make decisions and do things without needing to be told what to do.

Question 3

Entrepreneurship

Answer 3

Someone who Takes risks, never gives up, hardworking and can spot opportunities

Question 4

Business aims

Answer 4

Overall goals of the business

Question 5

Business objectives

Answer 5

The measurable targets of how to achieve business aims

Question 6

Sole traders

Answer 6

A business that is owned and controlled by one person

Question 7

Sole trader examples

Answer 7

Hairdresser, plumber, coffee shop, market stall, florist

Question 8

Capital

Answer 8

Wealth in the form of money or assets

Question 9

Advantages of partnership

Answer 9

Profit, control, finance, set up, financial information

Question 10

Partnership

Answer 10

Is a business which is owned and controlled by a minimum of 2 partner.

Question 11

sleeping partner

Answer 11

they invest money into the business but do not take part in the day to day running of the business.

Question 12

limited liability partnership (LLP)

Answer 12

there responsibility for the debts of the business is limited to the amount of money they put in to it.