Higher Business Management
Full Course 2025–2026
Complete Study Pack | Full
SQA Notes, Case Studies,
Business Theories, Exam-Ready
Answers, Finance, Marketing,
Operations & People
Management | Latest Updated
Full Curriculum Guide
Business - Answer✅Any organisation working towards a set of objectives
Goods - Answer✅Things we can see and touch
Durable Goods - Answer✅Things we can use again and again
Non-durable goods - Answer✅Things we can use only once
,Service - Answer✅A thing that is done for us
Wants - Answer✅Non-essential things we would like to have
Needs - Answer✅Essential things for survival
Land - Answer✅An economic term meaning natural resources which businesses use
Labour - Answer✅An economic term meaning the workforce of a business
Capital - Answer✅An economic term meaning factories, machines, vehicles, tools etc that a business
owns or controls
Enterprise - Answer✅This is the business ideas that an entrepreneur or owner has on how to use
land, labour and capital in their business
Entrepreneur - Answer✅The person who develops a business idea and combines the factors of
production (land, labour, capital and enterprise). They take the risk of losing their initial investment if
the business idea fails.
Factors of Production - Answer✅Land, Labour, Capital and Enterprise
Business Cycle - Answer✅The constant process of producing goods and services
Primary Sector - Answer✅Businesses involved in extracting natural resources
Secondary Sector - Answer✅Businesses involved in manufacturing & construction
Tertiary Sector - Answer✅Businesses involved in providing services
De-industrialisation - Answer✅The process of manufacturing decline
Sole Trader - Answer✅a business owned by a single person
Partnership - Answer✅a business owned by two or more people
Public Limited Company - Answer✅a buisness witth limited liabilty whose shares are availible to the
general public to buy on the stock market
Private Limited Company - Answer✅a company whose shares are not bought and sold on the stock
market and can only pass to another person with the agreement of other shareholders
Franchise - Answer✅the right to use a specific business's name and sell its products or services in a
given territory.
Public Corporation - Answer✅An organisation created by an Act of Parliament
Charity - Answer✅An organisation created to promote good causes
Private Sector - Answer✅The part of the economy owned by individuals and businesses
Public Sector - Answer✅The part of the economy owned by the government
Voluntary Sector - Answer✅Organistions set up to rise money for good causes, or to provide facilities
for their members
Deed of Partnership - Answer✅Contract drawn up between owners
, Memorandum of Association - Answer✅Document that regulates a firm's external activities and
must be drawn up on the formation of a plc
Partnership Agreement - Answer✅A written agreement among all owners
Limited Liability - Answer✅The responsibility of a business's owners for losses only up to the amount
they invest; limited partners and shareholders have limited liability
Unlimited Liability - Answer✅The owner is personally and fully responsible for all losses and debts of
the business
Royalty - Answer✅Payment to the holder of a patent or copyright or resource for the right to use
their property
Shareholder - Answer✅A person who invests in a corporation by buying stock and is a partial owner
Stakeholder - Answer✅Someone with a key interest in an organisation
Manager - Answer✅Person appointed to supervise and control resources and expenditures
Employee - Answer✅A worker who is hired to perform a job
Government - Answer✅The institution through which a society makes and enforces its public policies
Local Community - Answer✅People who live in an area
Customer - Answer✅Someone who pays for goods or services
Consumer - Answer✅A person who uses goods or services
Ordinary Shares - Answer✅Stock whose holders are given a vote
Preference Shares - Answer✅Stock whose holders are guaranteed priority in the payment of
dividends but whose holders have no voting rights
Share Issue - Answer✅Act of introducing more shares onto the market
Debenture - Answer✅Bond issued to secure a loan
Hire Purchase - Answer✅The buying of equipment by paying in instalments, usually including
interest.
Divestment - Answer✅Allows an organisation to sell off minor areas of their business and
concentrate on the core activities of the organisation
Loan - Answer✅The temporary provision of money (usually at interest)
Mortgage - Answer✅A long-term loan extended to someone who buys property
Multinational - Answer✅A corporation that has manufacturing or service operations in a number of
different countries
Globalisation - Answer✅Causing distinctively American norms and values to spread throughout the
world
Dividend - Answer✅That part of the earnings of a corporation that is distributed to its shareholders
Full Course 2025–2026
Complete Study Pack | Full
SQA Notes, Case Studies,
Business Theories, Exam-Ready
Answers, Finance, Marketing,
Operations & People
Management | Latest Updated
Full Curriculum Guide
Business - Answer✅Any organisation working towards a set of objectives
Goods - Answer✅Things we can see and touch
Durable Goods - Answer✅Things we can use again and again
Non-durable goods - Answer✅Things we can use only once
,Service - Answer✅A thing that is done for us
Wants - Answer✅Non-essential things we would like to have
Needs - Answer✅Essential things for survival
Land - Answer✅An economic term meaning natural resources which businesses use
Labour - Answer✅An economic term meaning the workforce of a business
Capital - Answer✅An economic term meaning factories, machines, vehicles, tools etc that a business
owns or controls
Enterprise - Answer✅This is the business ideas that an entrepreneur or owner has on how to use
land, labour and capital in their business
Entrepreneur - Answer✅The person who develops a business idea and combines the factors of
production (land, labour, capital and enterprise). They take the risk of losing their initial investment if
the business idea fails.
Factors of Production - Answer✅Land, Labour, Capital and Enterprise
Business Cycle - Answer✅The constant process of producing goods and services
Primary Sector - Answer✅Businesses involved in extracting natural resources
Secondary Sector - Answer✅Businesses involved in manufacturing & construction
Tertiary Sector - Answer✅Businesses involved in providing services
De-industrialisation - Answer✅The process of manufacturing decline
Sole Trader - Answer✅a business owned by a single person
Partnership - Answer✅a business owned by two or more people
Public Limited Company - Answer✅a buisness witth limited liabilty whose shares are availible to the
general public to buy on the stock market
Private Limited Company - Answer✅a company whose shares are not bought and sold on the stock
market and can only pass to another person with the agreement of other shareholders
Franchise - Answer✅the right to use a specific business's name and sell its products or services in a
given territory.
Public Corporation - Answer✅An organisation created by an Act of Parliament
Charity - Answer✅An organisation created to promote good causes
Private Sector - Answer✅The part of the economy owned by individuals and businesses
Public Sector - Answer✅The part of the economy owned by the government
Voluntary Sector - Answer✅Organistions set up to rise money for good causes, or to provide facilities
for their members
Deed of Partnership - Answer✅Contract drawn up between owners
, Memorandum of Association - Answer✅Document that regulates a firm's external activities and
must be drawn up on the formation of a plc
Partnership Agreement - Answer✅A written agreement among all owners
Limited Liability - Answer✅The responsibility of a business's owners for losses only up to the amount
they invest; limited partners and shareholders have limited liability
Unlimited Liability - Answer✅The owner is personally and fully responsible for all losses and debts of
the business
Royalty - Answer✅Payment to the holder of a patent or copyright or resource for the right to use
their property
Shareholder - Answer✅A person who invests in a corporation by buying stock and is a partial owner
Stakeholder - Answer✅Someone with a key interest in an organisation
Manager - Answer✅Person appointed to supervise and control resources and expenditures
Employee - Answer✅A worker who is hired to perform a job
Government - Answer✅The institution through which a society makes and enforces its public policies
Local Community - Answer✅People who live in an area
Customer - Answer✅Someone who pays for goods or services
Consumer - Answer✅A person who uses goods or services
Ordinary Shares - Answer✅Stock whose holders are given a vote
Preference Shares - Answer✅Stock whose holders are guaranteed priority in the payment of
dividends but whose holders have no voting rights
Share Issue - Answer✅Act of introducing more shares onto the market
Debenture - Answer✅Bond issued to secure a loan
Hire Purchase - Answer✅The buying of equipment by paying in instalments, usually including
interest.
Divestment - Answer✅Allows an organisation to sell off minor areas of their business and
concentrate on the core activities of the organisation
Loan - Answer✅The temporary provision of money (usually at interest)
Mortgage - Answer✅A long-term loan extended to someone who buys property
Multinational - Answer✅A corporation that has manufacturing or service operations in a number of
different countries
Globalisation - Answer✅Causing distinctively American norms and values to spread throughout the
world
Dividend - Answer✅That part of the earnings of a corporation that is distributed to its shareholders
