Distinction BTEC Business Unit 1 With Complete
Solutions
Graded A+
QUESTIONS AND ANSWERS
Business. ANSWER - An organisation or economic system where goods & services are
exchanged for money.
Private sector. ANSWER - the part of the economy that involves the transactions of
individuals and businesses
Public sector. ANSWER - the part of the economy that is controlled by the government
Not for profit sector. ANSWER - A business dedicated to furthering a particular social
cause or advocation for a shared point of view
Sole trader. ANSWER - A business in which one person provides the permanent finance
and, in return, has full control of the business and is able to keep all of the profits
Partnership. ANSWER - a business organization owned by two or more persons who agree
on a specific division of responsibilities and profits
Private limited company. ANSWER - A business owned by shareholders with limited
liability but whose shares cannot be bought by or sold to the general public.
Public limited company. ANSWER - A limited company whose shared are freely sold and
traded
cooperative. ANSWER - a business organization owned and operated by a group of
individuals for their mutual benefit
limited liability. ANSWER - A form of business ownership in which the owners are liable
only up to the amount of their individual investments.
Solutions
Graded A+
QUESTIONS AND ANSWERS
Business. ANSWER - An organisation or economic system where goods & services are
exchanged for money.
Private sector. ANSWER - the part of the economy that involves the transactions of
individuals and businesses
Public sector. ANSWER - the part of the economy that is controlled by the government
Not for profit sector. ANSWER - A business dedicated to furthering a particular social
cause or advocation for a shared point of view
Sole trader. ANSWER - A business in which one person provides the permanent finance
and, in return, has full control of the business and is able to keep all of the profits
Partnership. ANSWER - a business organization owned by two or more persons who agree
on a specific division of responsibilities and profits
Private limited company. ANSWER - A business owned by shareholders with limited
liability but whose shares cannot be bought by or sold to the general public.
Public limited company. ANSWER - A limited company whose shared are freely sold and
traded
cooperative. ANSWER - a business organization owned and operated by a group of
individuals for their mutual benefit
limited liability. ANSWER - A form of business ownership in which the owners are liable
only up to the amount of their individual investments.
