Q: What is a business?
A: An organisation that produces goods or services to satisfy needs, usually with the aim of making profit.
Q: What is an organisation?
A: A coordinated group of people working together to achieve common goals.
Q: What is management?
A: The process of planning, organising, leading, and controlling resources to achieve a businesses organisational objectives.
Q: Name the main functions of management.
A: Planning, organising, leading, and controlling
Q: What is enterprise?
A: The ability to identify opportunities and take risks to create and run a business.
Q: Name key characteristics of entrepreneurs.
A: Risk-taking, innovation, resilience, leadership, creativity, management, adaptability.
Q: Why are entrepreneurs important?
A: They create jobs, introduce innovation, and contribute to economic growth
Q: What are the main business resources (factors)?
A: Land, labour, capital, and enterprise.
Q: Why are effective managers important?
A: They coordinate business functions, motivate staff, and ensure efficient use of resources.
Q: Why is finance an essential business resource?
A: It enables day-to-day operations, growth, investment, and risk management.
Q: Give common causes of business failure.
A: Poor cashflow, lack of experience, weak planning, poor market research, rapid growth.
Q: Name the four main parts of a business.
A: Operations, marketing, finance/accounting, and human resources
Q: What are the three sectors of business activity?
A: Primary, secondary, and tertiary.
Q: What is meant by business size?
A: The scale of a business, measured by employees, turnover, market share, or capital employed.
Q: Who are stakeholders?
A: Individuals or groups with an interest in a business’s activities and decisions.
Q: What is a co-operative?
A: A business owned and run by its members for their mutual benefit.
Q: Name key internal stakeholders.
A: Owners, managers, employees.
Q: Name key external stakeholders.
A: Customers, suppliers, government, local community, lenders (Banks)
Q: Why can stakeholder objectives conflict?
A: Different groups have different priorities, such as profit, wages, or low prices.
Q: Why do businesses plan?
A: To clarify direction, motivate staff, allocate resources efficiently, and measure progress
Q: What is a mission statement?
A: A statement outlining the purpose and values of a business.
Q: What are strategic objectives?
A: Strategic objectives are long-term actions to achieve strategy (growth)
Q: What are tactical objectives?
Tactical objectives are short-term actions to achieve strategy (growth)
Q: What is finance?
A: The management of money, including raising and using funds.
