Ch 1: People In Business

Question 1

Business

Answer 1

An organisation that buys and sells goods and services

Question 2

Commercial business

Answer 2

One that provides goods and services to consumers with the aim of making a profit

Question 3

Non commercial business

Answer 3

One that puts people and community ahead of profit

Question 4

Stakeholders

Answer 4

Individuals or organisations that are affected by the activities, objectives and policies of a business

Question 5

Types of stakeholders

Answer 5

Entrepreneur
Investors
Employers
Employees
Producers
Consumers
Managers
Suppliers
Service providers
Government
Local community

Question 6

Salary

Answer 6

Fixed payment to an employee regardless of the hours worked

Question 7

Wage

Answer 7

Money earned based of the number of hours worked

Question 8

Interest group

Answer 8

A group of people who meet and campaign for a common goal

Question 9

Entrepreneur

Answer 9

Spots a gap in the market and comes up with an idea that they can turn into a business

Question 10

Investor

Answer 10

Individuals or organisations that provide the entrepreneur with capital to establish or operate the business

Question 11

Boycotting

Answer 11

Consumers refuse to buy goods or services from a firm to show their dissatisfaction with the business

Question 12

Lobbying

Answer 12

This involves trying to persuade decision makers to support laws or rules that give an advantage to your industry or organisation

Question 13

Employer

Answer 13

Recruits staff to enable the business to carry out its business

Question 14

Employee

Answer 14

Recruited by the employer to work for the business in return for a wage/salary