Business Activity
This type of person takes the risk to start and run their own business.
What is an entrepreneur?
Making a profit is this type of business aim.
What is an example of a financial aim?
This type of business has one owner who keeps all profits but carries all risks.
What is a sole trader?
This business function is responsible for producing goods and services.
What is operations?
This process involves finding and hiring the right people for the job.
What is recruitment?
This document outlines how a business will achieve its aims and attract investors.
What is a business plan?
These are specific, measurable targets a business sets to help achieve its aims.
What is a business SMART objective?
This ownership type involves two or more people sharing profits and responsibilities.
What is a partnership?
This method of production makes one item at a time, often for a specific customer.
What is job production?
When a company hires from within, it is using this type of recruitment.
What is internal recruitment?
Businesses do this to provide goods and services that satisfy customer needs.
What is the purpose of business activity?
A new business might focus on this objective instead of profit in its first year.
What is survival?
Brand support is an advantage while having less control and fees is a disadvantage of this type of ownership.
What are the advantages and disadvantages of a franchise.
In this production method, goods are made in groups before switching to another product.
What is batch production?
Bonuses and commission are examples of this type of motivation.
What is financial motivation?
This term means the difference between the cost of inputs and the selling price.
What is meant by ‘added value’.
As a business expands, these change from survival to profit, growth, and beyond.
What are changing business objectives?
This term means owners’ personal assets are protected if the business fails.
What is limited liability?
These method checks products throughout the production process, not just at the end.
What is quality assurance?
This activity improves workers’ skills, knowledge, and job performance.
What is training?
This process helps a business stay competitive by creating new or improved products.
What is innovation?
Businesses in the public sector often aim for this instead of financial gain.
What is providing a service or social benefit?
Businesses aim for this when they expand to increase market share or spread risk.
What is growth.
This innovation improves efficiency through automation, data tracking, and machinery.
What is the use of technology in production?
This describes how roles and responsibilities are arranged in a business hierarchy.
What is an organisational structure?