Business A Level AQA Unit 3.1 Question Paper & Mark scheme

Business A Level AQA Unit 3.1 Question Paper & Mark scheme Mission statement - ANS The purpose of the organisation Business objectives - ANS The aims or targets that a business works towards. E.g. profit, growth, survival, cash flow Functional objectives - ANS Goals of each of the functional areas of a business Social/Ethical objectives - ANS Diversification, market standing, stakeholder needs Reasons for business objectives - ANS Sense of purpose, Efficiency, motivation, Yardstick to measure success/failure, Coordination Profit - ANS Revenue - Cost Variable costs - ANS Vary directly with output Fixed costs - ANS Do not vary directly with output Reasons for profit - ANS Attractive to stakeholders, motivator, reward, source of finance Sole trader - ANS Business owned by one person Private Sector - ANS Owned, financed and run by private individuals Public Sector - ANS Owned and operated by the government Unincorporated - ANS No distinction in law between owner and business, unlimited liability, sole trader, partnership Incorporated - ANS Separate legal identity from owners, limited liability, private limited, public limited Unlimited liability - ANS Owner liable for all debts Limited liability - ANS Owner not liable for debts Private limited (Ltd) - ANS Small - medium, funded by shares, share capital£50,000 Public Limited (Plc) - ANS Shares traded by Stock Exchange,