exam revision

Question 1

personal independence

Answer 1

involves a person being in control of their own decisions and actions

Question 2

financial independence

Answer 2

is the ability to fund a desired lifestyle without relying on income from another individual

Question 3

making a profit

Answer 3

involves a business generating more revenue than expenses it incurred

Question 4

to fulfil a market need

Answer 4

is when a business fills a gap in the market by addressing customer needs that are currently unmet or underrepresented by competitors in the same industry.

Question 5

to fulfil a social need

Answer 5

is improving society and the environmnet through business activities

Question 6

characteristics of a success full manager

Answer 6

communication
-clearly transfer information to employees and other relevant people, both internal and external to the business. Effective communication provides a clear direction for employees.

determination
-hardworking and focused on achieving specific goals.
driven to put in the significant amount of work required to develop a new business, and effectively plan a business’s direction or day-to-day activities.