Pack 1

Question 1

Definition of Stakeholders

Answer 1

Any individual who is affected by the business and so has an interest in its activities. They can be internal e.g. employees, managers or external e.g. customers, suppliers

Question 2

Definition of Public Sector

Answer 2

Made up of organisations which are owned or controlled by the government

Question 3

Definition of Private Sector

Answer 3

Made up of businesses that are owned by individuals or groups of individuals

Question 4

Definition of Entrepreneur

Answer 4

An individual who takes risks to set up a business

Question 5

Definition of Aims

Answer 5

Long term qualitative target set by a business

Question 6

Definition of Objectives

Answer 6

A short-medium SMART target set by an organisation to help them achieve their aims

Question 7

Definition of SMART objectives

Answer 7

Criteria that an effective objective should meet – Specific, Measurable, Achievable, Realistic, Time Based