Need For Business Activity

Question 1

profit

Answer 1

the surplus of income (revenue) over costs

Question 2

gap in the market

Answer 2

where there is a demand, but no product to fill it

Question 3

products

Answer 3

goods and services

Question 4

services

Answer 4

those things done to or for a customer

Question 5

goods can be

Answer 5

touched

Question 6

to succeed a business needs to

Answer 6

find a gap in the market

Question 7

stakeholder

Answer 7

a person, group or organisation with a direct stake in a business

Question 8

internal stakeholders

Answer 8

those with a direct interest in a business

Question 9

shareholders

Answer 9

owners of shares in a business (all shareholders are stakeholders but not vice versa)

Question 10

external stakeholders

Answer 10

individuals, groups or other businesses that have a less direct stake in a business

Question 11

aims

Answer 11

long term goals towards which a business can work

Question 12

objectives

Answer 12

shorter term targets that can be measured

Question 13

social enterprise

Answer 13

an organisation with social objectives, aimed at stakeholders such as members, customers and communities

Question 14

co-operative

Answer 14

a group that shares in a business to ensure a fair deal for members

Question 15

primary sector

Answer 15

the first stage of production process, dealing with raw materials