Busines test kt

Question 1

Enterprise

Answer 1

Enterprise means having the skill and taking the initiative and the risk tomake a business happen. Also another name for a business

Question 1

Public sector

Answer 1

Business that are owned and run by the givernment. Public services e.g.NHS, police, education are business organisations run by the government. They are run to provide a service, not to make a profit.

Question 2

Private sector

Answer 2

Businesses that are owned by shareholders and individuals and are run to make a profit e.g. tesco, Jd sports, local newsagents

Question 3

Public limited companies (PLC)

Answer 3

The business registers with the stock exchange and sells shares publically

Question 4

Private limited company (LTD)

Answer 4

Owners are called shareholders, they have limited liability

Question 5

Leasing

Answer 5

Gaining the use of capital goods, whilst paying a monthly fee. The companygains the use of a productive asset without ever owning it.

Question 6

Breakeven formula

Answer 6

fixed costs/CPU(sp-vc per unit)

Question 7

Product life cycle stages

Answer 7

1)Development
2)Introduction
3)Growth
4)maturity
5)saturation
6)Decline

Question 9

Labour productivity formula

Answer 9

Output (per period)
Number of employees (per period)

Question 10

Labour productivity formula

Answer 10

Output (per period)
Number of employees (per period)

Question 11

distribution channel

Answer 11

The path taken by a product as it passes from producer to the final consumer. The more distribution channels a business has means they have the ability to reach a wider potential market