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Gcse Business Studies > Unit 1 Business Activity > Flashcards

Unit 1 Business Activity Flashcards

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1
Q

Enterprise

A

Spotting an opportunity to provide a product or service that people are willing to buy

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2
Q

Entrepreneur

A

An individual who has the skill and knowledge to set up and run there own business enterprise and is willing to take risks

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3
Q

3 Advantages of being an entrepreneur

A

• profit •own boss • for filling dreams

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4
Q

3 Disadvantages of being an entrepreneur

A

•health •compromising family time • risk

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5
Q

Sole trader

A

A sole trader is any business that is owned and controlled by one person however they can have employees

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6
Q

5 Sole trader advantages

A

•set up •finance •control •financial information • profit

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7
Q

6 sole trader disadvantaged

A

•shortage of capital •illness • hours of work •continuity •shortage off skill •unlimited liability

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8
Q

Partnership

A

More than 1 owner minimum 2 people and maximum of 20

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9
Q

Sleeping partner

A

They invest money but do not take part in the day to day running of the business

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10
Q

Companies

A

Business where owners are shareholders

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11
Q

Share holder

A

Owners of private and public limited companies

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12
Q

Plc( public limited company)

A

Sells shares to the public

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13
Q

Private limited company (ltd)

A

Sells shares to family and friends not on the stock market

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14
Q

Purpose of objectives

A

•direction • focus for employees •allows planning •measurement of success

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15
Q

Stakeholder

A

Has interest in the business ie customer or employees

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16
Q

Organic growth

A

Business grows buy selling more products

17
Q

Eternal growth

A

Achieved buy joining with other businesses

18
Q

Merger

A

Two or more firms join to makes new business

19
Q

Take over

A

One business buys another

20
Q

External growth- horizontal

A

A business joins a business at the same stage of the production process

21
Q

External growth - backward vertical

A

A business joins with its suppliers

22
Q

External growth - forward vertical

A

A business goings with its distribution

23
Q

External growth - diversification

A

A business joins another business in a different market

24
Q

Marketing

A

Finding the needs of customers and then meeting them

Gcse Business Studies (1 decks)

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