Exam (elaborations)
Btec business.Questions and answers are graded A+
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Exam of 2 pages for the course btec at btec (Btec business)
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Btec businessPublic bodies - answerHave been set up and funded by the goverment
Unlimited liability - answerNo limit to how much debt a sole trader is legally responsible
to pay
limited liability - answerShareholder is only responsible for the amount of debt that
matches their investigation
Co-operatives - answerA business owned and run by its members
sole traider - answerWhen a person such as a personal trainer, trades as an individual
Growth - answerThe process of increasing in size e.g recruiting more people or
increasing income.
service quality - answerDemonstrates that public money is being used effectively by
meeting customers needs.
Partnership - answerWhen two or more people wish to come together to form a
business
Advantages of good customer service - answerGood reputation, publicity, increase
sales, recommendations, complaints dealt with effectively
Private limited companies - answerSmaller business organised with shareholders who
invest money to buy a share of the company
aim of public sector - answerTo be successful in providing a service.
net profit - answerthe actual profit after working expenses not included in the calculation
of gross profit have been paid.
survival - answerTo continue trade through economic difficult times.
Scope and size - answerScope - Local - within a town or surrounding areas
National - Operates throughout a particular country
International - Trades across international borders
Multi-National - Has assets in at least on other country
Size - Micro - 0-9
Small - 10-49
Medium - 50-249
Large - 250+
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