What does the term "stakeholder" refer to in the context of business?

• A type of legal document
• A person or group that has an interest in the business
• A company's CEO
• A specific type of product

In a market economy, what determines the prices of goods and services?

• Government regulations
• Supply and demand
• Central planning
• The number of businesses in the industry

Which is not a function of a business plan?

• Identifying business needs
• Advertising new products
• Estimating future sales
• Calculating future spending

What is meant by a "business aim"?

• A specific target
• A positive net profit
• A general goal
• Improved revenue

What is meant by a "business aim"?

• A specific target
• A positive net profit
• A general goal
• Improved revenue

Which of the following is an example of a variable cost for a business?

• Rent for office space
• Employee salaries
• Insurance premiums
• Raw materials

What is the term for a business owned and operated by a single individual?

• Partnership
• Corporation
• Sole trader
• Limited liability company

A photographer charges £100 for a portrait session. Their monthly fixed costs amount to £800. The variable cost per portrait session, which includes printing and materials, is £20. Determine the profit after conducting 15 portrait sessions in a month.

• £1,300
• £900
• £500
• £400

Which of the following statements best defines a business's stakeholders?

• Shareholders and board members
• Customers and competitors
• Any individual or group affected by the business
• Only employees of the business

Which is an example of external expansion?

• Opening a new store
• Increasing production capabilities
• Buying a competitor
• Opening an online store