Business Activity and influences on business

Question 1

business

Answer 1

organisation that provides goods and services

Question 2

organisation

Answer 2

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

Question 3

goods

Answer 3

physical/tangible products, such as mobile phone, a packet of crisps or a pair of shoes

Question 4

services

Answer 4

non-physical/tangible products such as banking, car washing, taxi drive

Question 5

output

Answer 5

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

Question 6

Human Resources

Answer 6

in some businesses, the department that deals with employing, training and helping people

Question 7

consumer goods

Answer 7

goods and services sold to ordinary people (consumers) rather than businesses

Question 8

producer goods

Answer 8

goods and services produced by one business for another

Question 9

needs

Answer 9

basic necessities for human survival

Question 10

wants

Answer 10

peoples desires for goods and services

Question 11

private sector

Answer 11

business orginisations owned by individuals or group of individuals

Question 12

public sector

Answer 12

business organisations owned by central or local numbers

Question 13

stakeholder

Answer 13

an individual or group of people interested in the success or failure of a business.

Question 14

entrepreneur

Answer 14

people who take risks and set up businesses; individual who organises the other factors if production and risks their own money in a business venture

Question 15

objectives

Answer 15

goals or targets set by a business

Question 16

executives

Answer 16

managers in an organistation or company who helps make important decisions

Question 17

revenue

Answer 17

money from the sale of goods and services

Question 18

unincorporated

Answer 18

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

Question 19

incorporated

Answer 19

business that has a separate legal identity from that of its owner

Question 20

sole trader

Answer 20

business owned by one person

Question 21

unlimited liability

Answer 21

owner of a business is personally liable for all business debts

Question 22

deed of partnership

Answer 22

binding legal document that states the formal rights of partners

Question 22

partnership

Answer 22

business owned by between 2-20 people

Question 23

limited liability

Answer 23

business owner is only liable for the original amount of money invested in a business

Question 24

franchise

Answer 24

structure in which a business (the franchisor) allows another operator (the franchisee) to trade under their name

Question 25

merchandise

Answer 25

goods that are being sold

Question 26

social enterprise

Answer 26

business that aims to improve human or environmental wellbeing, charities for example

Question 27

cooperative

Answer 27

company or factory or organisation in which all the people working there own an equal share of it

Question 28

consumer cooperative

Answer 28

cooperative that is owned by its costumers

Question 29

retail cooperative

Answer 29

cooperative or retail members, who often work together to assert their purchasing power

Question 30

worker cooperative

Answer 30

cooperative that is owned by its employees

Question 31

charities

Answer 31

organisations that give money, goods or help to people who work are poor, sick or need help.