OCR GCSE Business Paper 1: Business Activity || Acknowledged
Answers 100%.
Entrepreneur correct answers Is a person who takes the risk of starting and running a business
enterprise.
Spotting an opportunity correct answers Is the ability to see the need for a particular product or
service that customers need.
Enterprising characteristics correct answers Are the features of an entrepreneur, which include
being determined, creative and having ability to take risks.
Business plan correct answers Is a simple plan which sets out details on the product or service
being sold, where the finance is to come from to start the business, how the product is to be
marketed and the market research carried out.
Finance correct answers Finance is needed to start a business - maybe a loan or grant.
Success correct answers For a business can take many forms, including making a profit,
surviving and providing a good service.
Resources correct answers Are the things a business needs to make it work, including land,
labour, capital and enterprise.
Limited liability correct answers Is where the responsibility for the debts of a business is limited
to the amount invested by a shareholder. They will not be made to sell personal belongings to
pay off business debt. A feature of private and public limited companies.
Unlimited liability correct answers Is where the responsibility for all the debts of a business rests
with the owners of the business. A feature of sole traders and partnerships who may need to sell
their own personal belongings to pay off business debt.
Answers 100%.
Entrepreneur correct answers Is a person who takes the risk of starting and running a business
enterprise.
Spotting an opportunity correct answers Is the ability to see the need for a particular product or
service that customers need.
Enterprising characteristics correct answers Are the features of an entrepreneur, which include
being determined, creative and having ability to take risks.
Business plan correct answers Is a simple plan which sets out details on the product or service
being sold, where the finance is to come from to start the business, how the product is to be
marketed and the market research carried out.
Finance correct answers Finance is needed to start a business - maybe a loan or grant.
Success correct answers For a business can take many forms, including making a profit,
surviving and providing a good service.
Resources correct answers Are the things a business needs to make it work, including land,
labour, capital and enterprise.
Limited liability correct answers Is where the responsibility for the debts of a business is limited
to the amount invested by a shareholder. They will not be made to sell personal belongings to
pay off business debt. A feature of private and public limited companies.
Unlimited liability correct answers Is where the responsibility for all the debts of a business rests
with the owners of the business. A feature of sole traders and partnerships who may need to sell
their own personal belongings to pay off business debt.
