Business Studies 2024 complete Question and Answers Final exam

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 Market Map A diagram that shows the range of possible positions for 2 features of a product. E.g. Low to high price and low to high quality Enterprise A willingness by an individual or business to take risks, show initiative and undertake new ventures Entrepreneur A person who owns and runs their own business and takes risks Mind map A diagram that is used to record words and ideas connected to a central word Creative Thinking Creating an idea that has not been done before (new and unique) and developing a competitive advantage as a result Competitive Advantage An advantage a business has that enables it to perform better than its rival like; better products, quality, customer service or creating a totally unique produc