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BTEC Tech Award Yr 10 MJW > Component 1 > Flashcards

Component 1 Flashcards

1
Q

How many employees in a micro enterprise?

A

0-9

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2
Q

How many employees in a small Enterprise?

A

10-49

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3
Q

How many employees in a medium enterprise?

A

50-249

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4
Q

Name 3 features of a sole trader

A

1, A sole trader is the only owner of an enterprise
2, They have unlimited liability
3, A sole trader can employ people

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5
Q

Name 3 features of a partnership

A

1, You can have 2 to 100 partners
2, Partners sign a legal agreement called a Deed of Partnership
3, Partnerships have unlimited liability

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6
Q

Name 3 features of a limited private company

A

1, Shares are sold privately
2, Private limited companies have limited liability
3, Private limited companies have the letters ‘Ltd.’ after the business name

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7
Q

What is meant by limited liability?

A

The owners assets are separate from their private assets. This means that if the business goes bankrupt only the business can be used to pay debts

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8
Q

What is meant by unlimited liability

A

The owners assets are not separate from their private assets. This means that if the business goes bankrupt business assets AND private assets can be used to pay debts

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9
Q

What name is given to a business that has a physical store?

A

Bricks and Mortar

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10
Q

What name is given to a business that sells online

A

eCommerce

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11
Q

What is mCommerce?

A

A business that sells via mobile devices

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12
Q

What is the difference between a business and an enterprise?

A

An enterprise is a business in the early growth phase

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13
Q

What do you call an enterprise that exists to do good in the community

A

A social enterprise, eg a village store run by volunteers

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14
Q

What is the name of a business run by someone alongside their main job or education?

A

Side hustle

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15
Q

What is an LLP?

A

A limited liability partnership where a partnership has registered legally to have limited liability

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16
Q

Name the 3 business sectors

A

Primary, secondary and tertiary

17
Q

Give an example from each business sector

A

Primary eg Farming
Secondary eg Manufacturing
Tertiary eg retail

18
Q

What is the difference between B2B and B2C enterprises

A

B2B is ‘Business to Business’ meaning a business that sells to other businesses
B2C is ‘Business to Customer’ meaning a business that sells to individual customers

19
Q

What is an Aim?

A

A target for the enterprise to achieve

20
Q

Why have aims?

A

To provide a challenge
To provide a focus
To check your progress

21
Q

Name 7 types of aim

A

Profit, Break-even, Survival, Environment, Ethics, Expand, Maximise Sales (sell, sell, sell)

22
Q

Give 2 examples of environmental aims

A

To use 100% renewable energy by 2030
To reduce waste by 50% this year

23
Q

How could an ethical aim relate to peoples pay?

A

To pay people a fair wage

24
Q

How might a company achieve an aim of expanding?

A

More sales, more stores, more customers or more products

25
Q

What is meant by the term ‘an industry’?

A

A group of similar businesses based on the main product or service

26
Q

What industry might a cafe operate in?

A

Food or Hospitality industry

27
Q

What industry might a cinema operate in?

A

The entertainment industry

28
Q

What industry might a gym operate in?

A

The sport or fitness industry

29
Q

Name 4 reasons an entrepreneur might start their own business

A

1, Be your own boss
2, Flexibility
3, Pursue an interest
4, Pursue a social benefit

30
Q

What name is given to someone who starts their own business (spell it correctly)

A

Entrepreneur

31
Q

Name 6 types of changes that might happen in a market

A

1, Changes in social trends eg social media
2, Changes on tastes
3, Technological advantages
4, Economic Changes
5, Changes in social priorities eg environment
6, Changes in competition

32
Q

What type of change can be seen in lots of people across the country finding they are doing low paid jobs?

A

Economic changes

33
Q

What type of change can be seen in 5G coverage accessible across most areas of the UK

A

Technological change

34
Q

List 3 ways an enterprise could attract new customers?

A

Eg discount vouchers, BOGOF, Loyalty Cards, sales or competition

35
Q

Why does an entrepreneur need to manage its Human Resources well?

A

Human Resources are staff. Staff should be motivated. Motivated staff give better customer service and stay longer in the business

36
Q

Why does an entrepreneur a need to manage its financial resources well?

A

Financial resources include cash to pay bills and buy stock and profit to investment in growing the business (including advertising)

37
Q

How does a business calculate profit?

A

Sales revenue - Costs

BTEC Tech Award Yr 10 MJW (1 decks)

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