AQA AS BUSINESS Paper
Entrepreneur - ANSWER An individual who has the idea for a new business
starts it up and carries most of the risks but benefits from the reward
customer - ANSWER An individual or organization that purchases goods or
services from a business
Branding - ANSWER The process of differentiating a product by developing a
symbol name image or trademark for it.
opportunity cost - ANSWER The next most desired option that is given up
Multinational businesses - ANSWER business organization that has its
headquarters in one country, but with operating branches, factories and assembly
plants in other countries
Intrapreneur - ANSWER a business employee who takes direct responsibility for
turning an idea into a profitable new product or business venture
business plan - ANSWER a written document that describes a business, its
objectives and its strategies, the market it is in and its financial forecasts
Private limited company - ANSWER A business that is owned by shareholders
who are often members of the same family. This company cannot sell shares to the
general public.
Initial Public Offering (IPO) - ANSWER an offer to the public to buy shares in a
public limited company
public limited company (plc) - ANSWER a company whose shares are traded on
a stock exchange and can be bought and sold by the public
Primary sector businesses actively - ANSWER Firms engaged in farming, oil
extraction
Secondary Sector Business Activity - ANSWER firms that manufacture and
process products from natural resources, including computers, brewing, baking,
clothes making and construction
Tertiary Sector Business Activity - ANSWER Firms that provide services to
consumers and other businesses, such as retailing, transport, insurance, banking,
hotels, tourism and telecommunications
, quaternary sector business activity - ANSWER businesses providing information
services, such as computing, web design, ICT (information and communication
technologies), management consultancy and R&D (research and development,
particularly in scientific fields).
public sector - ANSWER organisations accountable to and controlled by central
or local government (the state)
private sector - ANSWER business owned and controlled by individuals or groups
of individuals
mixed economy - ANSWER Economic resources are owned and controlled by
both private and public sectors
free market economy - ANSWER Economic resources are owned largely by the
private sector with very little state intervention
public corporation - ANSWER a business enterprise owned and controlled by the
state - also known as nationalized industry
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
unlimited liability - ANSWER business owners have full legal responsibility for the
debts of the business
Partnership - ANSWER a business formed by two or more individuals or entities
limited liability - ANSWER The only liability a shareholder has if the company not
the total wealth of the shareholder
share - ANSWER A certificate confirming part ownership of a company and
entitling the shareholder to dividends and certain shareholder rights
shareholder - ANSWER A person or institution owning shares in a limited
company
memorandum of association - ANSWER this states the name of the company, the
address of the head office through which it can be contacted, the maximum share
capital for which the company seeks authorization and the declared aims of the
business
Articles of Association - ANSWER this document covers the internal workings and
control of the business - for example, the names of directors and the procedures to
be followed at meetings will be detailed
cooperative - ANSWER a jointly owned commercial enterprise (usually organized
by farmers or consumers) that produces and distributes goods and services and is
run for the benefit of its owners
Entrepreneur - ANSWER An individual who has the idea for a new business
starts it up and carries most of the risks but benefits from the reward
customer - ANSWER An individual or organization that purchases goods or
services from a business
Branding - ANSWER The process of differentiating a product by developing a
symbol name image or trademark for it.
opportunity cost - ANSWER The next most desired option that is given up
Multinational businesses - ANSWER business organization that has its
headquarters in one country, but with operating branches, factories and assembly
plants in other countries
Intrapreneur - ANSWER a business employee who takes direct responsibility for
turning an idea into a profitable new product or business venture
business plan - ANSWER a written document that describes a business, its
objectives and its strategies, the market it is in and its financial forecasts
Private limited company - ANSWER A business that is owned by shareholders
who are often members of the same family. This company cannot sell shares to the
general public.
Initial Public Offering (IPO) - ANSWER an offer to the public to buy shares in a
public limited company
public limited company (plc) - ANSWER a company whose shares are traded on
a stock exchange and can be bought and sold by the public
Primary sector businesses actively - ANSWER Firms engaged in farming, oil
extraction
Secondary Sector Business Activity - ANSWER firms that manufacture and
process products from natural resources, including computers, brewing, baking,
clothes making and construction
Tertiary Sector Business Activity - ANSWER Firms that provide services to
consumers and other businesses, such as retailing, transport, insurance, banking,
hotels, tourism and telecommunications
, quaternary sector business activity - ANSWER businesses providing information
services, such as computing, web design, ICT (information and communication
technologies), management consultancy and R&D (research and development,
particularly in scientific fields).
public sector - ANSWER organisations accountable to and controlled by central
or local government (the state)
private sector - ANSWER business owned and controlled by individuals or groups
of individuals
mixed economy - ANSWER Economic resources are owned and controlled by
both private and public sectors
free market economy - ANSWER Economic resources are owned largely by the
private sector with very little state intervention
public corporation - ANSWER a business enterprise owned and controlled by the
state - also known as nationalized industry
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
unlimited liability - ANSWER business owners have full legal responsibility for the
debts of the business
Partnership - ANSWER a business formed by two or more individuals or entities
limited liability - ANSWER The only liability a shareholder has if the company not
the total wealth of the shareholder
share - ANSWER A certificate confirming part ownership of a company and
entitling the shareholder to dividends and certain shareholder rights
shareholder - ANSWER A person or institution owning shares in a limited
company
memorandum of association - ANSWER this states the name of the company, the
address of the head office through which it can be contacted, the maximum share
capital for which the company seeks authorization and the declared aims of the
business
Articles of Association - ANSWER this document covers the internal workings and
control of the business - for example, the names of directors and the procedures to
be followed at meetings will be detailed
cooperative - ANSWER a jointly owned commercial enterprise (usually organized
by farmers or consumers) that produces and distributes goods and services and is
run for the benefit of its owners
