Flashcards
Starting a business section 1
Cards in this deck (27)
- 1Give two reasons why someone might start a business??
- 2Do charities aim to make a profit.
- 3What is a social enterprise.
- 4What is meant by calculated risk.
- 5List 5 qualities that an entrepreneur is likely to have.
- 6Which two of these are problems if you area sole trader-long hours -unlimited liability- smelly fish.
- 7What does a sole trader gain and lose if it becomes a partnership.
- 8If you own part of a business and the business goes bankrupt , would you rather have limited or unlimited liability ? Why?.
- 9Limited companies have a separate legal identity, what does this mean ?.
- 10What is a franchise?.
- 11Describe two benefits of franchising for the franchisee.
- 12Describe two disadvantages of franchising for the franchisee.
- 13List seven types of business aim.
- 14Explain the difference between a business aim and a business objective.
- 15Describe one use of business objectives.
- 16Describe how a business could use numerical targets to assess its performance over a year.
- 17Describe how a business could determine whether its met its objectives for being ethical.
- 18What is a stakeholder.
- 19Name two internal stakeholders.
- 20Name two external stakeholders.
- 21Explain why the shareholders of a business and consumers might have different opinions about how successful a business is.
- 22Who are the most important stakeholders and why.
- 23Describe the purpose of a business plan.
- 24Describe the things that should be included in a business plan.
- 25Why isn't a good business plan a guarantee of success.
- 26Why might some firms choose to locate production closer to their raw materials than their customers?.
- 27List four other factors that need to be considered when choosing a business location.