Business In The Real World

Question 1

Good

Answer 1

A physical good/ product

Question 2

Entrepreneur

Answer 2

A person who starts up their own business

Question 3

Customer

Answer 3

A person who buys the product

Question 4

Service

Answer 4

A group of people helping out the cosumer

Question 5

Consumer

Answer 5

A person who uses the product

Question 6

Business

Answer 6

A job yourself or someone else has created on their own

Question 7

Social enterprise

Answer 7

A someone that is up for no profit and helps set up the business

Question 8

Resources

Answer 8

A stock or supply of money, material, staff and other assets

Question 9

Sole trader

Answer 9

A person who is the exclusive ownerof a business

Question 10

Company

Answer 10

A business that has its own legal identity

Question 11

Stock exchange

Answer 11

A market in which securities are bought and sold

Question 12

Deed of partnership

Answer 12

Deed of partnership mean the set terms of the partnership

Question 13

Partnership

Answer 13

The state of being a partner or partners

Question 14

Unlimited liability

Answer 14

Unlimited liability means that the liability of a partner is joint and several

Question 15

Limited liability

Answer 15

The condition by which shareholders are legally responsible for the debts of a company

Question 16

Franchise

Answer 16

Occurs when a franchisor sells the rights to its products

Question 17

Franchisee

Answer 17

Buys a franchise in return for a fee and percentage

Question 18

Franchisor

Answer 18

Sells a franchise for a return fee

Question 19

Internal growth

Answer 19

Business expands by selling more products

Question 20

External growth

Answer 20

When a business gets bigger by joining another business

Question 21

Takeover

Answer 21

Occurs when a business buys control of another one

Question 22

Merger

Answer 22

Occurs when two or more businesses join to form a new business

Question 23

ICT

Answer 23

The computing and cummunications system

Question 24

Stakeholders

Answer 24

Are individualsand organisations that are affected by, and affect, the activities of a business

Question 25

Intranets

Answer 25

Are communication networks which can only be accessed by other organisations employees

Question 26

Extranets

Answer 26

Are similar to intranets but can also be accessed by other organisations such as suppliers

Question 27

E-commerce

Answer 27

commercial transactions conducted electronically on the internet.

Question 28

Ethics

Answer 28

Refers to whether a business decision is thought to be morally right or wrong

Question 29

Profit

Answer 29

Measures the difference between the values of a business's revenue and its total costs

Question 30

Multinational companies

Answer 30

any corporation that is registered and operates in more than one country at a time.