Edexcel GCSE Business Studies Final Exam
2023-2024
Stakeholders - ANSWER Individuals or groups of individuals who affect or are
affected by a business
Give 8 examples of stakeholders - ANSWER 1. Government
2. Owner
3. Employees
4. Financiers
5. Community
6. Costumers
7. Managers
8. Suppliers
Consumer Goods - ANSWER Goods and services that are produced for
consumers
Producer Goods - ANSWER Goods or products sold from one business to another
Needs - ANSWER Essentials needed for human survivial
Wants - ANSWER Luxury items that are desired but not required
What are objectives that businesses have? - ANSWER 1. Survival
2. Image
3. Growth
4. Profit
5. Market Share
,What are SMART objectives? - ANSWER Specific
Measurable
Achievable
Realistic
Timely
Entrepreneurs - ANSWER Individuals that takes risks on new business ideas
What are some of the qualities or skills that a successful entrepreneur must
have? - ANSWER 1. Risk taker
2. Organsied
3. Leader
4. Confident
5. Brave
6. Positive
7. Smart
8. Determined
9. Innovative
10. Responsible
Sole Trader - ANSWER A business owned by one person
Three advantages of being a Sole Trader? - ANSWER 1. All profits are kept
2. Full control of business
3. Can apply for government help or support
Three disadvantages of being a Sole Trader? - ANSWER 1. Unlimited liability
2. Unincorporated
, 3. No continuity
Partnerships - ANSWER Business owned by 2 - 20 people and are of two forms:
limited liability partnerships and unlimited liability partnerships
Three advantages of partnerships - ANSWER 1. More capitol
2. Shared workload
3. No legal formalities
4. Partners can specialise in differnet fields or departments
Three disadvantages of partnerships - ANSWER 1. Conflicts and issues may arise
2. Unlimited liability
3. Profits shared
4. Tend to be small
Sleeping Partner - ANSWER A partner who has a share in the business but does
not work in it
Deed of partnership - ANSWER A document containing an agreement between
all partners that details the rights and obligations of each partner participating
in the venture
Why are they used? - ANSWER They are used to sort out which department or
area each partner specifies in
Stock Market - ANSWER Where people can buy and sell shares of public limited
companies
Ltd - ANSWER Private Limited Company
Plc - ANSWER Public Limited Company
Retained profits - ANSWER The percentage of profits kept or saved by the
company to invest or expand
Memorandum of Association - ANSWER Contains the internal rules for running
2023-2024
Stakeholders - ANSWER Individuals or groups of individuals who affect or are
affected by a business
Give 8 examples of stakeholders - ANSWER 1. Government
2. Owner
3. Employees
4. Financiers
5. Community
6. Costumers
7. Managers
8. Suppliers
Consumer Goods - ANSWER Goods and services that are produced for
consumers
Producer Goods - ANSWER Goods or products sold from one business to another
Needs - ANSWER Essentials needed for human survivial
Wants - ANSWER Luxury items that are desired but not required
What are objectives that businesses have? - ANSWER 1. Survival
2. Image
3. Growth
4. Profit
5. Market Share
,What are SMART objectives? - ANSWER Specific
Measurable
Achievable
Realistic
Timely
Entrepreneurs - ANSWER Individuals that takes risks on new business ideas
What are some of the qualities or skills that a successful entrepreneur must
have? - ANSWER 1. Risk taker
2. Organsied
3. Leader
4. Confident
5. Brave
6. Positive
7. Smart
8. Determined
9. Innovative
10. Responsible
Sole Trader - ANSWER A business owned by one person
Three advantages of being a Sole Trader? - ANSWER 1. All profits are kept
2. Full control of business
3. Can apply for government help or support
Three disadvantages of being a Sole Trader? - ANSWER 1. Unlimited liability
2. Unincorporated
, 3. No continuity
Partnerships - ANSWER Business owned by 2 - 20 people and are of two forms:
limited liability partnerships and unlimited liability partnerships
Three advantages of partnerships - ANSWER 1. More capitol
2. Shared workload
3. No legal formalities
4. Partners can specialise in differnet fields or departments
Three disadvantages of partnerships - ANSWER 1. Conflicts and issues may arise
2. Unlimited liability
3. Profits shared
4. Tend to be small
Sleeping Partner - ANSWER A partner who has a share in the business but does
not work in it
Deed of partnership - ANSWER A document containing an agreement between
all partners that details the rights and obligations of each partner participating
in the venture
Why are they used? - ANSWER They are used to sort out which department or
area each partner specifies in
Stock Market - ANSWER Where people can buy and sell shares of public limited
companies
Ltd - ANSWER Private Limited Company
Plc - ANSWER Public Limited Company
Retained profits - ANSWER The percentage of profits kept or saved by the
company to invest or expand
Memorandum of Association - ANSWER Contains the internal rules for running
