Business activity

Question 1

entrepreneur

Answer 1

A person who takes a risk of starting and running a business enterprise

Question 2

characteristics of an entrepreneur

Answer 2

determined , creative , risk taking

Question 3

business plan

Answer 3

A document that states :
product 
finance
marketing
market research

Question 4

finance

Answer 4

Money needed to start or run a business

Question 5

markets

Answer 5

where businesses sell their goods and services

Question 6

resources

Answer 6

the things a business needs to make it work

Question 7

operate

Answer 7

how the business works

Question 8

aims and objectives

Answer 8

the goal that the business is trying to achieve :
profit
survival
growth

Question 9

limited liability

Answer 9

the responsibility for paying back debt is limited to the ammount invested by the shareholder

Question 10

unlimited liability

Answer 10

responsibility for all the debts rests with the owners , possessions are at risk

Question 11

continuity

Answer 11

whether a business continues to exist after an owner dies

Question 12

sole trader

Answer 12

A business owned by one person

Question 13

partnership

Answer 13

a business owned by 2 - 20 people

Question 14

plc

Answer 14

A business that can sell shares on the stock market

Question 15

deed of partnership

Answer 15

a document that states out terms of the partnership / how profits are shared

Question 16

capital

Answer 16

money raised to start or develop a business

Question 17

sleeping partner

Answer 17

a person who invests money in a business who takes no part of the day to day running

Question 18

shareholders

Answer 18

the owners of an ltd or plc

Question 19

dividend

Answer 19

money paid to shareholders as a return on investment

Question 20

start-up

Answer 20

a new business enterprise

Question 21

statisficing

Answer 21

the business makes enough profit to enable it to meet needs but not as much profit as possible

Question 22

market share

Answer 22

the percentage of a market a business controls

Question 23

business objectives

Answer 23

what a business is trying to achieve

Question 24

profit

Answer 24

revenue- costs

Question 25

survival

Answer 25

when a business just manages to keep going

Question 26

providing a service

Answer 26

meeting the customers needs

Question 27

stakeholders

Answer 27

a person or group who is interested in the business

Question 28

internal stakeholders

Answer 28

stakeholders within a business

Question 29

external stakeholders

Answer 29

stakeholders outside a business

Question 30

organic growth

Answer 30

internal growth of a business by increasing sales

Question 31

merger

Answer 31

two or more businesses agree to join together to become one large business

Question 32

external growth

Answer 32

growth achieved through a takeover or merger

Question 33

horizontal growth

Answer 33

a merger or takeover of a business in the same industry as each other

Question 34

backwards vertical growth

Answer 34

a business merges with a business that supplies it with goods or services ( bakery aquires a wheat farm )

Question 35

forwards vertical growth

Answer 35

a business mergers with a business that IT SUPPLIES TO ( a ice cream van buys a fleet of ice cream vans )

Question 36

diversification

Answer 36

a business merges or takes over a company with no connection to each other ( coca cola and an oil firm )