4/25/25, 6:38 AM CCEA Business Studies AS Unit 1 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWER…
CCEA Business Studies AS Unit 1 2025 REAL
EXAM QUESTIONS |MOST TESTED QUESTIONS
AND CORRECT ANSWERS |100%
ACCURATE|GET IT RIGHT!!
Save
Terms in this set (101)
Any operation established to produce or supply
Business Enterprise goods/services desired by consumers generally
with a view to making profit.
The inputs of land, labour, capital and enterprise
Factors of Production
required to produce or supply goods/services.
Someone who starts and runs a business and has
Entrepreneur
the responsibility of the risks involved.
These are common traits found in successful
entrepreneurs and examples may include
Entrepreneurial
innovative, visionary, flexibility, knowledgeable, risk
Characteristics
taker, decisiveness, goal orientated, motivated and
committed.
A business will add value to raw materials used in its
production process so that there will be a significant
Adding Value difference between the cost of purchasing raw
materials and the selling prices of the finished
article.
A favourable situation that a business organisation
has over its rivals arising from a marketing
Competitive Advantage opportunity such as price or cost or both. It
strengths and positions a business better within the
business environment.
https://quizlet.com/1035639253/ccea-business-studies-as-unit-1-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-acc… 1/10
, 4/25/25, 6:38 AM CCEA Business Studies AS Unit 1 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWER…
A business organisation which has a single owner
and in which there is no legal distinction between
Sole Trader the owner and the business. The owner receives all
the profits and has unlimited responsibility for all
losses and debts.
A business relationship of two or more entities
conducting business for mutual benefit. They
Partnership manage the business and share equal responsibility
for the company's profits and losses, and its debts
and liabilities.
A binding legal document which states the formal
Deed of Partnership
rights of partners in the business.
A partner who contributes capital and shares in
Sleeping Partner profits/losses but does not participate in decision
making.
A partnership which has at least one ordinary
partner who has unlimited liability. A limited partner
Limited Partnership contributes capital, share in profits but has limited
liability. A limited partner cannot participate in
decision making.
A business organisation which has separate legal
entity from those of its owners. The liability of the
Limited Company
members of the company is limited to what they
have invested to the company.
Shareholders Investors who have bought a share in the company.
Each shareholder is only liable for the original
Limited Liability
amount of money invested in the business.
An agreement between two parties, which gives
Franchise one party the rights to market a product or service
using the trademark of another business.
A business venture established to address a social
issue within a community or to improve the quality
Social Enterprise or life for citizens or the environment. All profit
made is reinvested to help achieve the social
objective of the business.
https://quizlet.com/1035639253/ccea-business-studies-as-unit-1-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-acc… 2/10
CCEA Business Studies AS Unit 1 2025 REAL
EXAM QUESTIONS |MOST TESTED QUESTIONS
AND CORRECT ANSWERS |100%
ACCURATE|GET IT RIGHT!!
Save
Terms in this set (101)
Any operation established to produce or supply
Business Enterprise goods/services desired by consumers generally
with a view to making profit.
The inputs of land, labour, capital and enterprise
Factors of Production
required to produce or supply goods/services.
Someone who starts and runs a business and has
Entrepreneur
the responsibility of the risks involved.
These are common traits found in successful
entrepreneurs and examples may include
Entrepreneurial
innovative, visionary, flexibility, knowledgeable, risk
Characteristics
taker, decisiveness, goal orientated, motivated and
committed.
A business will add value to raw materials used in its
production process so that there will be a significant
Adding Value difference between the cost of purchasing raw
materials and the selling prices of the finished
article.
A favourable situation that a business organisation
has over its rivals arising from a marketing
Competitive Advantage opportunity such as price or cost or both. It
strengths and positions a business better within the
business environment.
https://quizlet.com/1035639253/ccea-business-studies-as-unit-1-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-acc… 1/10
, 4/25/25, 6:38 AM CCEA Business Studies AS Unit 1 2025 REAL EXAM QUESTIONS |MOST TESTED QUESTIONS AND CORRECT ANSWER…
A business organisation which has a single owner
and in which there is no legal distinction between
Sole Trader the owner and the business. The owner receives all
the profits and has unlimited responsibility for all
losses and debts.
A business relationship of two or more entities
conducting business for mutual benefit. They
Partnership manage the business and share equal responsibility
for the company's profits and losses, and its debts
and liabilities.
A binding legal document which states the formal
Deed of Partnership
rights of partners in the business.
A partner who contributes capital and shares in
Sleeping Partner profits/losses but does not participate in decision
making.
A partnership which has at least one ordinary
partner who has unlimited liability. A limited partner
Limited Partnership contributes capital, share in profits but has limited
liability. A limited partner cannot participate in
decision making.
A business organisation which has separate legal
entity from those of its owners. The liability of the
Limited Company
members of the company is limited to what they
have invested to the company.
Shareholders Investors who have bought a share in the company.
Each shareholder is only liable for the original
Limited Liability
amount of money invested in the business.
An agreement between two parties, which gives
Franchise one party the rights to market a product or service
using the trademark of another business.
A business venture established to address a social
issue within a community or to improve the quality
Social Enterprise or life for citizens or the environment. All profit
made is reinvested to help achieve the social
objective of the business.
https://quizlet.com/1035639253/ccea-business-studies-as-unit-1-2025-real-exam-questions-most-tested-questions-and-correct-answers-100-acc… 2/10
