Business paper 1

1. Sole trader - AnsAn individual who owns and operates his or her own business. A sole trader is unincorporated meaning that the firm's finances are inseparable from those of the owner who has unlimited liability. Mr Carroccio believed that operating as a sole trader would be the best way to...

1. Explain one benefit to an entrepreneur of buying a franchise to start a business (3) - AnsAn entrepreneur could receive support and training (1). This means they are less likely to make poor business decisions (1), which reduces the chance of business failure 2. Explain one way a small busin...

Which one of the following does not vary with output in the short run? A Total revenue B Total costs C Fixed costs D Variable costs - AnsC Market capitalization is the total value of a company's: A assets B dividends paid to shareholders C shares, based on the current share price D shares,...

1. Corporate image - AnsThe view of a company held by its customers, employees and other major stakeholders, the Imperial has a positive corporate image 2. Reposition - AnsChange the perception of a business from the opinion of its customers. This may be achieved by altering the marketing strat...

VAT- value added tax - Anstax on the value of sales of a business if they make more than a certain amount of profit Income tax - Anstax on the income earned by workers and sole-traders corporation tax - AnsA tax on limited company's profits. national insurance contributors - Ansa tax on the ow...

1. What is meant by market share? - Ansthe percentage of all the sales within a market that are held by one brand or company 2. What is meant by quality control? - Ansthe process of inspecting products to ensure that they meet the required quality standards 3. Advantage 1 of using flow produc...