Business Studies 2024 complete Question and Answers
Final exam
Business
An organization that provides goods or services
Market
Where buyers (or customers) and sellers (businesses) meet to exchange goods and services
Sole Trader
A business owned by only 1 person who has unlimited liability
Private limited company
A business owned by shareholders who have limited liability, but shares in the business CAN NOT be
SOLD on the stock market
Franchise
The right given by one business to another to sell goods or services using its name
Franchisee
A business that agrees to manufacture, distribute or provide a branded product under license by a
franchisor
,Franchisor
The business that gives franchisees the right to sell its products in return for a fixed sum of money or
royalty pay
Unlimited Liability
A legal obligation on the owner of a business to settle all debts of the business. In law, there is no
distinction between what the business and the owner owns and owes
Limited Liability
When shareholders of a company are not personally liable for debts of the company: the most they can
lose is the value of their investment in the shares of the company
Startup Fee
The amount of money that the Franchisee pays to the Franchisor to use its name
Shareholder
The owner of a company entitled to a share of the profits each year
Customer Needs
The wants and desires of the customer
Market Research
, The process of gaining information about customers, competitors and market trends through collecting
primary and secondary data
Primary Research
The gathering of new information, which has not been collected before
Secondary Research
The collecting of information that has already been gathered by someone else and that already exists
Quantitative Data
Data which can be expressed as numbers and can be statistically analyzed
Qualitative Data
Information about opinions, judgements and attitudes
Market Segmentation
A part of the market that contains a group of buyers with similar buying habits
Added Value
The increased worth that a business creates for a product.
PRICE CHARGED - COST FROM SUPPLIERS
Final exam
Business
An organization that provides goods or services
Market
Where buyers (or customers) and sellers (businesses) meet to exchange goods and services
Sole Trader
A business owned by only 1 person who has unlimited liability
Private limited company
A business owned by shareholders who have limited liability, but shares in the business CAN NOT be
SOLD on the stock market
Franchise
The right given by one business to another to sell goods or services using its name
Franchisee
A business that agrees to manufacture, distribute or provide a branded product under license by a
franchisor
,Franchisor
The business that gives franchisees the right to sell its products in return for a fixed sum of money or
royalty pay
Unlimited Liability
A legal obligation on the owner of a business to settle all debts of the business. In law, there is no
distinction between what the business and the owner owns and owes
Limited Liability
When shareholders of a company are not personally liable for debts of the company: the most they can
lose is the value of their investment in the shares of the company
Startup Fee
The amount of money that the Franchisee pays to the Franchisor to use its name
Shareholder
The owner of a company entitled to a share of the profits each year
Customer Needs
The wants and desires of the customer
Market Research
, The process of gaining information about customers, competitors and market trends through collecting
primary and secondary data
Primary Research
The gathering of new information, which has not been collected before
Secondary Research
The collecting of information that has already been gathered by someone else and that already exists
Quantitative Data
Data which can be expressed as numbers and can be statistically analyzed
Qualitative Data
Information about opinions, judgements and attitudes
Market Segmentation
A part of the market that contains a group of buyers with similar buying habits
Added Value
The increased worth that a business creates for a product.
PRICE CHARGED - COST FROM SUPPLIERS
