Unit 1

Question 1

Mission Statement

Answer 1

What the firm is trying to achieve

Question 2

GDP

Answer 2

(Gross Domestic Product)

Measures value of a country’s total output of goods and services over a certain amount of time

Question 3

Sectors

Answer 3

Business categorised according to the sector of the economy the business is in

Question 4

Primary (Sector)

Answer 4

Agriculture, fishing, mining, gas extraction

Question 5

Secondary (Sector)

Answer 5

Manufacturing, construction

Question 6

Tertiary (Sector)

Answer 6

Catering, transport, education, health

Question 7

Aims

Answer 7

Long term plans which corporate objectives are derived

Question 8

Objectives

Answer 8

Medium/Long term targets established to coordinate the business

Question 9

What do mission statements commonly focus on?

Answer 9

Organisations values
Non financial goals
Benefits of the business to the community
How consumers can be satisfied

Question 10

Sole Trader

Answer 10

Business that is owned and managed by 1 person (can employ others tho)

Question 11

Unlimited Liability

Answer 11

Responsible for all of the d’actions within the business - may lose personal assets if the business is having financial problems