True or False: businesses are only set up to make money?
False they can also be for a social benefit like a charity
what is an entrepreneur
Someone who starts or runs a business
What are the 4 factors of production
land, labour, capital and enterprise
what is opportunity cost
The benefit that is given up to do something else
Where does a PLC sell their shares
on the stock market
How many people are in a partnership
2-20
True or False: not-for-profit organisations don't need to generate any income
False - they don't generate profit
True or false: most business that sell shares on the stock market are sole traders
False: Sole traders is one owner no shares are sold
What is a Business aim
is a long term goal
What is a business objective
A short term goal
What is a stakeholder
anyone who is affected by the business
True or False: All shareholders are stakeholders
True - all shareholders are affected by the business
True or False: Fixed costs vary with the output of the business
False - Fixed costs stay the same no matter how much is produced
What is revenue
All the money the business makes from sales
give 2 reasons for making a business plan
Answer according to teacher satisfaction
