BTEC BUSINESS UNIT 1 Exam 25 Questions with Answers,100% CORRECT

BTEC BUSINESS UNIT 1 Exam 25 Questions with Answers Business - CORRECT ANSWER An organisation or economic system where goods & services are exchanged for money. Private sector - CORRECT ANSWER the part of the economy that involves the transactions of individuals and businesses Public sector - CORRECT ANSWER the part of the economy that is controlled by the government Not for profit sector - CORRECT ANSWER A business dedicated to furthering a particular social cause or advocation for a shared point of view Sole trader - CORRECT 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 Partnership - CORRECT ANSWER a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Private limited company - CORRECT ANSWER A business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public. Public limited company - CORRECT ANSWER A limited company whose shared are freely sold and traded cooperative - CORRECT ANSWER a business organization owned and operated by a group of individuals for their mutual benefit limited liability - CORRECT ANSWER A form of business ownership in which the owners are liable only up to the amount of their individual investments. unlimited liability - CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of the business Primary sector - CORRECT ANSWER The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry. Secondary sector - CORRECT ANSWER the part of the economy that transforms raw materials into manufactured goods Tertiary sector - CORRECT ANSWER the part of the economy that involves services rather than goods Quaternary sector - CORRECT ANSWER Jobs that deal with the handling and processing of knowledge and information. Local business - CORRECT ANSWER usually one of a kind, and it relies on local consumers to generate business National business - CORRECT ANSWER A business that operates within just one country. International business - CORRECT ANSWER business activities that occur between two or more countries Shareholder - CORRECT ANSWER A person who invests in a corporation by buying stock and is a partial owner Stakeholder - CORRECT ANSWER An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. Internal stakeholder - CORRECT ANSWER People who work for or own the business such as employees, directors, and stockholders External stakeholder - CORRECT ANSWER individuals or groups that have some claim on a firm such as customers, suppliers, and unions Communication - CORRECT ANSWER The imparting or exchanging of information or news Formal communication - CORRECT ANSWER messages that follow prescribed channels of communication throughout the organization Informal communication - CORRECT ANSWER when information is sent and received casually with the use of everyday language