business studies (nature of business)

Question 1

types of incomes

Answer 1

wage, salary, bonuses, overtime, commission, fringe benefits, dividends

Question 2

wage

Answer 2

money received by workers (hourly/ daily for services)

Question 3

salary

Answer 3

fixed regular payment

Question 4

bonuses

Answer 4

sum of money added to wage (good performance)

Question 5

overtime

Answer 5

work done outside regular hours (high rates)

Question 6

commission

Answer 6

percentage of sales price received by salesperson

Question 7

fringe benefits

Answer 7

extra benefit supplementing wage or salary

Question 8

dividends

Answer 8

payments to share holders (car, private health)

Question 9

why do businesses need to create a variety of options?

Answer 9

expanding target market and satisfy consumers needs and wants (freedom of choice)

Question 10

inovation

Answer 10

the process of creating a new or significantly improved product, service or process

Question 11

invention

Answer 11

the creation of something completely new to meet a need that is currently unsatisfied

Question 12

entrepreneurship

Answer 12

is the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit

Question 13

define business

Answer 13

the organised effort of individuals to produce and sell, for a profit, the products (goods and services) that satisfy individuals needs and wants