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Business OCR Level 3 Unit 1 [Graded A+]
- Exam (elaborations) • 6 pages • 2023
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Unlimited liability - Answers]when the owners of a business are personally liable for all debts incurred by the business, if the business itself does not have the funds to repay them 
 
Limited Liability - Answers]when the owners of a business are liable for the debts incurred by the business only to the value of their investment in the business 
 
diseconomies of scale - Answers]when a business becomes too large the cost per unit may increase and the business may become more inefficient 
 
Busi...
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Business OCR Level 3 Unit 1
- Exam (elaborations) • 5 pages • 2023
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- $15.49
- + learn more
Retail customers - correct answer customers who buy finished products, e.g. frozen peas from a supermarket 
 
Business customers - correct answer businesses that purchase products or services from another business 
 
Unlimited liability - correct answer when the owners of a business are personally liable for all debts incurred by the business, if the business itself does not have the funds to repay them 
 
Limited Liability - correct answer when the owners of a business are liable for the de...
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