Businesss revision

Question 1

Define an Objective

Answer 1

a short term target that will help you to achieve an aim, and it must be measurbale

Question 2

examples of objcetives?

Answer 2

• develop 2 new products
• increade customers satisfaction
• reduce employee turnover

Question 3

define the term aim

Answer 3

propose or intend, long term and not easily measurbale.

Question 4

why does a business need aims?

Answer 4

to expand and develop

Question 5

financial

Answer 5

aims focused on profit and finance, moneh wise, increase market share, opening branches and number of employees. for example: surviving, profit, growth, financial security

Question 6

non finacial

Answer 6

focuses more on the sagtisfaction of the services. foe example: helping charities, customers satisfaction

Question 7

financial security

Answer 7

the owner wantong the business to be stable

Question 8

financial objectives:

Answer 8

survival, growth, profit, increase in market share, financial security

Question 9

non finacial objectives

Answer 9

social objetives, personal satisfaction, challenge, independece + control

Question 10

smart objectives

Answer 10

short term targets that are very precisive, realistic, attainable, and time related

Question 11

as a business develops or evolves its objectives are likely to chnage mainly due to….

Answer 11

external and internal influences

Question 11

what should a 3 mark structure involve

Answer 11

1- point
2- because
3- leading to

Question 12

explain why do businessess aims chnage over time. (3) marks

Question 13

menaing of legislations

Answer 13

the making or giving of laws

Question 14

why do aims and objectives change?

Answer 14

• technology
• met tagets already
• legislation
• internak reaons

Question 15

what is firm

Answer 15

a private organization

Question 16

How might the size of a business be measured?

Answer 16

Business size is typically measured by the number of employees, annual turnover, market share, or total assets

Question 17

What is a sole trader?

Answer 17

a single person who own the bsuienss and makes all the decisons and gets all the profit

Question 18

define a partnership

Answer 18

2-20 people work in a a partnership, more skills and ideas, shared profit

Question 19

for what orgnization is the 2-20 rule allowed to break?

Answer 19

• lawyers
• medical association/medical field
• engineers
  architects

Question 20

what is a sleeping partner?

Answer 20

a sleeping partner , is a not active role day-to-day, someone who has contributed financially to the business set up. invest moeny in the business and profit is given to him

Question 21

what is a deed of partenership?

Answer 21

a deed of partnership is a contract that must be arranged. this contract will include all the info of the business and the two individuals parts and what each contributes in the business.

Question 22

how should a six marker look like?

Answer 22

2 points, context
- market
- situation
- product
5 link srands, details

Question 23

what does the law state with the deed of partnership?

Answer 23

both indivisuals will be the same if theres no deed of partnership

Question 24

who sets up a private limited company?

Answer 24

sole traders or partnerships that want to grow their business but still being safe in a way where if their business goes bankrup, the individuals dont have to sell their personal belongings. but u will loose the money invested in the business

Question 25

in private limites comapany whos seperated?

Answer 25

you and the busienss are two different properties

Question 26

what is a private limited company owned by?

Answer 26

shareholders, people who own the business within a limited company

Question 27

who runs the company in private limited companies?

Answer 27

board of direction

Question 28

company is a sepperate legal entity from you true or false

Answer 28

true

Question 29

why people might not to sign as a private limited company?

Answer 29

• takes time to set up,as there are a lot of documents, contracts and registrations

Question 30

what can you loose in private limited companies

Answer 30

you can loose your business and everything under that name.

Question 31

minimum of shareholders in private limites companies?

Answer 31

3

Question 32

who mainly runs to private limites companies?

Answer 32

families, that want to do a family business

Question 33

define what is meant by:
prodcut
market
situation

Answer 33

product- what the business sells ex.. apple sells technology like ipads, phones and macbooks
market- who goes to buy in the business, ex…apple: people who are techonology fans and can afford to buy from there.
sitution- what the goals might be of that business. ex… apple: more customers, more updated phones, more ideas etc….