CCEA Business Studies AS Unit 1 2025 REAL EXAM
QUESTIONS |MOST TESTED QUESTIONS AND
CORRECT ANSWERS |100% ACCURATE|GET IT
RIGHT!!
Business Enterprise - (ANSWER)Any operation established to produce or supply
goods/services desired by consumers generally with a view to making profit.
Factors of Production - (ANSWER)The inputs of land, labour, capital and
enterprise required to produce or supply goods/services.
Entrepreneur - (ANSWER)Someone who starts and runs a business and has the
responsibility of the risks involved.
Entrepreneurial Characteristics - (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 - (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 prices of the finished article.
Competitive Advantage - (ANSWER)A favourable situation that a business
organisation has over its rivals arising from a marketing opportunity such as price
or cost or both. It strengths and positions a business better within the business
environment.
, Sole Trader - (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 the profits and has unlimited responsibility for all losses and
debts.
Partnership - (ANSWER)A business relationship of two or more entities
conducting business for mutual benefit. They manage the business and share
equal responsibility for the company's profits and losses, and its debts and
liabilities.
Deed of Partnership - (ANSWER)A binding legal document which states the
formal rights of partners in the business.
Sleeping Partner - (ANSWER)A partner who contributes capital and shares in
profits/losses but does not participate in decision making.
Limited Partnership - (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 - (ANSWER)A business organisation which has separate legal
entity from those of its owners. The liability of the members of the company is
limited to what they have invested to the company.
QUESTIONS |MOST TESTED QUESTIONS AND
CORRECT ANSWERS |100% ACCURATE|GET IT
RIGHT!!
Business Enterprise - (ANSWER)Any operation established to produce or supply
goods/services desired by consumers generally with a view to making profit.
Factors of Production - (ANSWER)The inputs of land, labour, capital and
enterprise required to produce or supply goods/services.
Entrepreneur - (ANSWER)Someone who starts and runs a business and has the
responsibility of the risks involved.
Entrepreneurial Characteristics - (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 - (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 prices of the finished article.
Competitive Advantage - (ANSWER)A favourable situation that a business
organisation has over its rivals arising from a marketing opportunity such as price
or cost or both. It strengths and positions a business better within the business
environment.
, Sole Trader - (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 the profits and has unlimited responsibility for all losses and
debts.
Partnership - (ANSWER)A business relationship of two or more entities
conducting business for mutual benefit. They manage the business and share
equal responsibility for the company's profits and losses, and its debts and
liabilities.
Deed of Partnership - (ANSWER)A binding legal document which states the
formal rights of partners in the business.
Sleeping Partner - (ANSWER)A partner who contributes capital and shares in
profits/losses but does not participate in decision making.
Limited Partnership - (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 - (ANSWER)A business organisation which has separate legal
entity from those of its owners. The liability of the members of the company is
limited to what they have invested to the company.
