OCR Business and People Key Terms

Question 1

How can you measure business growth?

Accepted Answer

Share capital, Sales revenue, Market share, Number of employees

Question 2

What is the 3 letter acronym that stands for private limited company?

Accepted Answer

LTD

Question 3

What does the M in SMART stand for?

Accepted Answer

Measurable

Question 4

A crisp manufacturer who grows his own potatoes and turns them into crisps, is which 2 sectors?

Accepted Answer

Primary & Secondary

Question 5

According to a survey by Bloomberg, what percentage of businesses fail in the first 18 months?

Accepted Answer

80%

Question 6

A benefit of becoming a franchisee is that...

Accepted Answer

you can use a well known brand name, you receive training from the franchisor

Question 7

Government owned businesses are known as the...

Accepted Answer

Public sector

Question 8

What does the T in SMART stand for?

Accepted Answer

Timely

Question 9

De-industrialisation is a reduction in the importance of which sector?

Accepted Answer

Secondary

Question 10

A sole trader has...

Accepted Answer

unlimited liability

Question 11

If a potato farmer was to buy out a perfume company, this is known as...

Accepted Answer

diversification

Question 12

A school is which type of business sector...

Accepted Answer

Tertiary

Question 13

A PLC can sell their shares...

Accepted Answer

publicly, on the stock market

Question 14

Limited liability means...

Accepted Answer

the owner can only lose what is invested in the business

Question 15

A secondary sector business buying out a primary sector business is known as...

Accepted Answer

backwards vertical integration

Question 16

Any group who have an interest in the business are known as...

Accepted Answer

Stakeholders

Questions 16