Business activity 1

Question 1

Premisis

Answer 1

Buildings and land used by a shop or business

Question 2

Business

Answer 2

A business that produces goods and services

Question 3

Goods

Answer 3

Product that is tangible

Question 4

Service

Answer 4

Product that is not tangible

Question 5

Output

Answer 5

Amount of goods or work produced by a person, machine or factory

Question 6

Human recources

Answer 6

The department that deals with employing, training and helping people

Question 7

Consumer goods

Answer 7

Goods sold to ordinary people

Question 8

Producer goods

Answer 8

Goods and services sold to other businesses

Question 9

Needs

Answer 9

Basic requirements for human survival

Question 10

Wants

Answer 10

People desires for goods and services

Question 11

Infinite

Answer 11

Without limits in space or time

Question 12

Finite

Answer 12

Having and end or a limit

Question 13

Scarce

Answer 13

Recources with limited availability

Question 14

Private sector

Answer 14

Business organizations owned by individuals

Question 15

Public sector

Answer 15

Businesses owned by the government

Question 16

Stakeholder

Answer 16

An individual or group that an interest in the operation of a business

Question 17

Entrepreneur

Answer 17

Person who takes risks to open their own business

Question 18

Objectives

Answer 18

Goals or targets set by a business

Question 19

Executives

Answer 19

Managers in an organization or company who help make important decisions

Question 20

Diversify

Answer 20

If a business, company or country diversifies it increases the range of goods or services it produces

Question 21

Financial return

Answer 21

Monetary return

Question 22

Profit maximization

Answer 22

Making as much profit as possible in a given time period

Question 23

Shareholders

Answer 23

Owners of limited companies

Question 24

Dividends

Answer 24

Share of the profit paid to shareholders in a company

Question 25

Profit satisficing

Answer 25

Making enough profit to satisfy the needs of the business owner

Question 26

Automation

Answer 26

Use of so uterus and machines instead of people to do a job

Question 27

Economies of scale

Answer 27

Financial advantages of producing something in large quantities

Question 28

Revenue

Answer 28

Money from the sale of goods and servises

Question 29

Inovator

Answer 29

Someone who introduces changes and new ideas

Question 30

Labor

Answer 30

People employed in a business

Question 31

Sole trader

Answer 31

Business owned by a single person

Question 32

Unlimited liability

Answer 32

Owner of business in personally liable for all debts

Question 33

Deed of partnership

Answer 33

Binding legal document that states the formal rights of partners

Question 34

Limited partnership

Answer 34

Some partners contribute capital and enjoy a share of the profit but do not take part in running it

Question 35

Limited liability

Answer 35

Business is only liable for original amounts of money invested in the business

Question 36

Audits

Answer 36

Official examination of a companies financial records in order to check that they are correct

Question 37

Franchise

Answer 37

Structure in which a business allows another operator to trade under their name

Question 38

Organization

Answer 38

Group, such as a club or business that has formed for a particular purpose

Question 39

EBITDA

Answer 39

Earnings before interest, tax, depreciation and amortization

Question 40

Large business

Answer 40

Business that employs more than 250 people

Question 41

Small business

Answer 41

A business that employs fewer than 50 people

Question 42

Unincorporated

Answer 42

Business where there is no legal difference between the owner and the business

Question 43

Incorporated

Answer 43

Business that has a separate legal identity from that if its owners

Question 44

Partnership

Answer 44

Business owned by 2-20 people

Question 45

Merchandise

Answer 45

Goods that are sold

Question 46

Social enterprise

Answer 46

Business that aims to improve human or environmental well being, charities for example

Question 47

Cooperative

Answer 47

Company, factory or organization in which all the people working there own an equal share of it

Question 48

Consumer cooperative

Answer 48

Cooperative that is owned by its customers

Question 49

Retail cooperative

Answer 49

Cooperative of retail members, who often work together to assert their purchasing power

Question 50

Worker cooperative

Answer 50

Cooperative that is owned by its employees

Question 51

Charities

Answer 51

Organizations that give money, goods or help to people who are sick, poor or in need