unit 1 knowledge review (no answers) Flashcards
What is meant by a service
give an example
describe one characteristic of an entrepreneur
State two factors of production
State and explain one sector of production
State the four functional areas of business
State and explain one ownership structure
Explain what is meant by “limited liability”?
What is the difference between a public limited company (PLC) and an organisation in the public sector
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Explain one drawback to being a sole trader
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Explain one benefit to being a Partnership
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Explain one benefit to setting objectives
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State and explain one business objective
State two ways that shareholder value can be maximised
Business A sells 54,000 units. The total sales in the market were 600,000 units. What is the market share of business A?
State two stakeholder for a business
define stakeholder
State one objective the stakeholders of employees may have
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Explain one way stakeholders may influence a business
State 2 factors that may influence a businesses choice of location
An import is……
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-A good or service produced in one country and entering another (i.e from France to the UK)
-A good or service produced in one country that is sold to another (i.e UK to France)
State and explain one type of protectionist policy
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Explain one benefit of locating overseas
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State two features of a business plan
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Explain one benefit of creating a business plan
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A business sells 300 units for £3 each - what is their revenue
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A business had revenue of £200,000 from selling 50,000 units. Their fixed costs are £70,000 and their variable costs are £1 per unit - what is their profit?
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State and explain one type of economy of scale
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State two types of organic growth (internal)
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State and explain one type of inorganic growth (external)
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Explain one drawback of outsourcing
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Explain one benefit of franchising for a franchisor
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