Market Concepts: What is the Marketing Concept?

Deliver customer satisfaction better than competitors, Focus on the needs and wants of customers

Market Concepts: What is the Product orientation?

Focus on improving the quality of a product

Limited Liability: What is limited liability?

Legal protection where owner is only liable for amount invested

Business Ownerships: What is a partnership?

A business owned by two or more people

Limited Liability: Which of the following legal structures have limited liability?

Private Limited Company, Public Limited Company

Business Ownerships: What is a Private Limited Company?

A limited business where shares are sold privately to few individuals

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Revision Reading Week

10 termsStudBud Administration26 plays

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Questions 10

Answers

1
Market Concepts: What is the Marketing Concept?
Focus on production and what the business can make well
Deliver customer satisfaction better than competitors
Focus on the needs and wants of customers
Focus on improving the quality of a product
2
Entrepreneurs: Which is a key quality of an entrepreneur?
Poor leadership
Do not deal with failure well
Risk taking
Have very few skills
3
Market Concepts: What is the Product orientation?
Focus on improving the quality of a product
Focus on the needs and wants of customers
Focus on production and what the business can make well
Deliver customer satisfaction better than competitors
4
Limited Companies: What is a key benefit of a Public Limited Company?
You choose who can buy shares within the business
Harder to raise capital
Limited Liability
Unlimited Liability
5
Limited Liability: What is limited liability?
A business that is set up and run by two people or more
Employees own a share of the business and vote on decisions
Legal protection where owner is only liable for amount invested
The owner is liable for all debts/losses of the business
6
Business Ownerships: What is a partnership?
A business owned by a single person who has unlimited liability
A business owned by two or more people
A limited business where shares are sold on the stock market publicly
A limited business where shares are sold privately to few individuals
7
Limited Liability: Which of the following legal structures have limited liability?
General Partnerships
Private Limited Company
Sole Trader
Public Limited Company
8
Limited Companies: What is a key disadvantage of a Private Limited Company?
Has limited liability
Has unlimited liability
Ability to raise capital
Possible loss of control
9
What is the difference between revenue and expenses?
Income
Expenditure
Sales
Profit
10
Business Ownerships: What is a Private Limited Company?
A limited business where shares are sold on the stock market publicly
A business owned by a single person who has unlimited liability
A business owned by two or more people
A limited business where shares are sold privately to few individuals

Revision Reading Week Flashcards | StudBud

Revision Reading Week

10 termsStudBud Administration26 plays

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Market Concepts: What is the Marketing Concept?
Focus on production and what the business can make well
Deliver customer satisfaction better than competitors
Focus on the needs and wants of customers
Focus on improving the quality of a product
2
Entrepreneurs: Which is a key quality of an entrepreneur?
Poor leadership
Do not deal with failure well
Risk taking
Have very few skills
3
Market Concepts: What is the Product orientation?
Focus on improving the quality of a product
Focus on the needs and wants of customers
Focus on production and what the business can make well
Deliver customer satisfaction better than competitors
4
Limited Companies: What is a key benefit of a Public Limited Company?
You choose who can buy shares within the business
Harder to raise capital
Limited Liability
Unlimited Liability
5
Limited Liability: What is limited liability?
A business that is set up and run by two people or more
Employees own a share of the business and vote on decisions
Legal protection where owner is only liable for amount invested
The owner is liable for all debts/losses of the business
6
Business Ownerships: What is a partnership?
A business owned by a single person who has unlimited liability
A business owned by two or more people
A limited business where shares are sold on the stock market publicly
A limited business where shares are sold privately to few individuals
7
Limited Liability: Which of the following legal structures have limited liability?
General Partnerships
Private Limited Company
Sole Trader
Public Limited Company
8
Limited Companies: What is a key disadvantage of a Private Limited Company?
Has limited liability
Has unlimited liability
Ability to raise capital
Possible loss of control
9
What is the difference between revenue and expenses?
Income
Expenditure
Sales
Profit
10
Business Ownerships: What is a Private Limited Company?
A limited business where shares are sold on the stock market publicly
A business owned by a single person who has unlimited liability
A business owned by two or more people
A limited business where shares are sold privately to few individuals