Where does a PLC sell their shares
on the stock market
Give 2 examples of Fixed costs
answer satisfactory to teacher
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
give 2 reasons why would it be a good idea to locate your business near an area of high unemployment
there will be a large number of people looking for word and wages will be lower
What are the 4 factors of production
land, labour, capital and enterprise
what is an entrepreneur
Someone who starts or runs a business
What is diseconomy of scale
when a business grows and causes the costs to increase
what are the fees called that are paid by the franchisee to the franchisor
Royalties
Give 2 examples of variable costs
answer satisfactory to teacher
What is a Business aim
is a long term goal
what is opportunity cost
The benefit that is given up to do something else
True or False: All shareholders are stakeholders
True - all shareholders are affected by the business
What is revenue
All the money the business makes from sales
True or False: businesses are only set up to make money?
False they can also be for a social benefit like a charity
Give the formula for Total costs
Fixed costs + Variable costs
Give 2 examples of external expansion
merger and takeover
True or False: not-for-profit organisations don't need to generate any income
False - they don't generate profit
Which 2 will be in a business plan: Personal details/staffing requirements/Persons name who you are leasing property from
answer satisfactory to teacher
Give me 1 example of internal growth within a business
Answer satisfactory to teacher
How many people are in a partnership
2-20
What is a stakeholder
anyone who is affected by the business
What is a business objective
A short term goal
What is economy of scale
When a business buys in bulk and pays lower prices
True or False: Fixed costs vary with the output of the business
False - Fixed costs stay the same no matter how much is produced
give 2 reasons for making a business plan
Answer according to teacher satisfaction
Give the formula for revenue
Price per unit X Quantity sold