Revision definitions

Question 1

BLT

Answer 1

Because.. Leading to…This means that..(analyse question)

Question 2

entrepreneur

Answer 2

A person who has a business idea and is willing to take a risk in order to make it work

Question 3

What characteristics do Entrepreneurs have

Answer 3

H- HARD WORK + DETERMINATION
E- ENTHUSIASM + INNOVATION
R- RISK TAKING
O- ORGANISED + PLANNED
E- EFFECTIVE LEADERSHIP
S- SELF BELIEF

Question 4

Business resources

Answer 4

Business resources are the resources needed to produce goods and services. It is important to ‘combine’ all the resources of the business successful to make a product that the customers are willing to purchase.

Question 5

CELL

Answer 5

C: capital E: enterprise L: Land L;: Labour

Question 6

Capital

Answer 6

This is the money or machinery which a business needs to operate. Money is needed to buy suplies and pay wages

Question 7

Fixed capital

Question 8

Working capital

Question 9

Enterprise

Question 10

Land

Question 11

Labour

Question 12

Why does a business start?

Question 13

How does a business start?

Question 14

Unlimited liability

Answer 14

Unlimited liability means that if a sole trader’s business fails when banks and suppliers will request that the sole trader immediately pays and debts owed to them from the sole traders non-business assets eg. cars, house ect..

Question 15

Partnership

Answer 15

A partnership consists of 2 or more people up to a maximum of 20 partners