U1 C1: People In Business

Question 1

What is business?
What are the types of businesses? (2)

Answer 1

1. An organisation set up to provide goods or services to customers
2. non commercial (non-profit) and commercial (profit)

Question 2

Define ‘Entrepreneur’ and name 4 skills they have

Answer 2

An Entrepreneur is a person who spots a gap in the market and sets up a business using initiative . They are creative and they take personal and finnancial risks

Question 3

Who are the stakeholders and how many are there.

Answer 3

1. there are 10 main stakeholders in a business.
   2. EPIC SIEGES

Question 4

EPIC SIEGES???

Answer 4

Entrepreneur
Producer
Investors
Consumers
Service trader
Interest groups
Employers
Government
Employees
Society

Question 5

What are stakeholders ?

Answer 5

anybody affected or which can affect a business’ performance and operation. can be internal or external

all shareholders are stakeholders but not all stakeholders are shareholders

Question 6

Entrepreneur

Answer 6

• Realistic Risk Taker -Personal & Financial
• Courage
• Initiative
• Spots a gap in the Market
• Creative

Question 7

Producers

Answer 7

Manufacture goods for the market

Question 8

Investors

Answer 8

• Invests capital in return for a % share of the profits = dividend
• Financial risk takers

Question 9

Consumer

Answer 9

• End users of the product/service
• Want quality at reasonable prices

Question 10

Service trader

Answer 10

• Financial services
  Banking & insurance
• Distribution services
  Retailers, wholesalers
• Information services
  Market research
• Legal services
  Legal advice

Question 11

I

Question 12

E

Question 13

G

Question 14

E

Question 15

S