CCEA AS 1 questions and
answers 2023 Graded A+
Business Enterprise ✔️✔️correct answer-Any operation established to
produce or supply goods/services desired by consumers generally with a
view to making a profit.
Factors of Production ✔️✔️correct answer-The inputs of land, labour,
capital and entrepreneurship required to produce or supply
goods/services.
Entrepreneurial Characteristics ✔️✔️correct answer-These are
common traits found in successful entrepreneurs and examples may
include innovative, visionary, flexibility, knowledgeable, risk taker,
decisiveness, goal orientated, motivated and committed.
Adding Value ✔️✔️correct answer-A business will add value to raw
materials used in its production process so that there will be a significant
difference between the cost of purchasing raw materials and the selling
price of the finished article. Can also refer to 'extra' feature(s) of an
item of interest (product, service, person etc.) that go beyond the
standard expectations and provide something 'more' while adding little or
nothing to its cost.
Competitive Advantage ✔️✔️correct answer-A favourable situation
that a business organisation has over its rivals arising from a marketing
opportunity such as price or cost or both. Achieving competitive
advantage strengthens and positions a business better within the
business environment.
, Sole Trader ✔️✔️correct answer-A business organisation which has a
single owner and in which there is no legal distinction between the owner
and the business. The owner receives all profits (subject to taxation
specific to the business) and has unlimited responsibility for all losses
and debts.
Partnership ✔️✔️correct answer-A business relationship of two or
more entities conducting business for mutual benefit. Partners, manage
the business and are equally liable for its debts; other individuals called
limited partners may invest but not be directly involved in management
and are liable only to the extent of their investments. In a partnership
each partner shares equal responsibility for the company's profits and
losses, and its debts and liabilities.
Deed of Partnership ✔️✔️correct answer-A binding legal document
which states the formal rights of partners in the business.
Silent/Sleeping Partner ✔️✔️correct answer-A partner who contributes
capital and shares in profits/losses but does not participate in decision
making.
Limited Partnership ✔️✔️correct answer-A partnership which has at
least one ordinary partner who has unlimited liability. A limited partner
contributes capital, share in profits but has limited liability. A limited
partner cannot participate in decision making.
Limited Company ✔️✔️correct answer-A business organisation which
has a separate legal entity from those of its owners. The liability of the
members or subscribers of the company is limited to what they have
invested or guaranteed to the company.
Shareholders ✔️✔️correct answer-Investors who have a bought a share
in the company.
answers 2023 Graded A+
Business Enterprise ✔️✔️correct answer-Any operation established to
produce or supply goods/services desired by consumers generally with a
view to making a profit.
Factors of Production ✔️✔️correct answer-The inputs of land, labour,
capital and entrepreneurship required to produce or supply
goods/services.
Entrepreneurial Characteristics ✔️✔️correct answer-These are
common traits found in successful entrepreneurs and examples may
include innovative, visionary, flexibility, knowledgeable, risk taker,
decisiveness, goal orientated, motivated and committed.
Adding Value ✔️✔️correct answer-A business will add value to raw
materials used in its production process so that there will be a significant
difference between the cost of purchasing raw materials and the selling
price of the finished article. Can also refer to 'extra' feature(s) of an
item of interest (product, service, person etc.) that go beyond the
standard expectations and provide something 'more' while adding little or
nothing to its cost.
Competitive Advantage ✔️✔️correct answer-A favourable situation
that a business organisation has over its rivals arising from a marketing
opportunity such as price or cost or both. Achieving competitive
advantage strengthens and positions a business better within the
business environment.
, Sole Trader ✔️✔️correct answer-A business organisation which has a
single owner and in which there is no legal distinction between the owner
and the business. The owner receives all profits (subject to taxation
specific to the business) and has unlimited responsibility for all losses
and debts.
Partnership ✔️✔️correct answer-A business relationship of two or
more entities conducting business for mutual benefit. Partners, manage
the business and are equally liable for its debts; other individuals called
limited partners may invest but not be directly involved in management
and are liable only to the extent of their investments. In a partnership
each partner shares equal responsibility for the company's profits and
losses, and its debts and liabilities.
Deed of Partnership ✔️✔️correct answer-A binding legal document
which states the formal rights of partners in the business.
Silent/Sleeping Partner ✔️✔️correct answer-A partner who contributes
capital and shares in profits/losses but does not participate in decision
making.
Limited Partnership ✔️✔️correct answer-A partnership which has at
least one ordinary partner who has unlimited liability. A limited partner
contributes capital, share in profits but has limited liability. A limited
partner cannot participate in decision making.
Limited Company ✔️✔️correct answer-A business organisation which
has a separate legal entity from those of its owners. The liability of the
members or subscribers of the company is limited to what they have
invested or guaranteed to the company.
Shareholders ✔️✔️correct answer-Investors who have a bought a share
in the company.
