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
What is meant by a "business aim"?
- A specific target
- A positive net profit
- An overall direction of the business
- Improved revenue
Which is not a function of a business plan?
- Identifying business needs
- Advertising new products
- Estimating future sales
- Calculating future spending
Which of the four factors of production could be described as " the financial resources used to produce goods and services"?
- Land
- Labour
- Capital
- Enterprise
What does the term "franchise" refer to in the context of business?
- A type of business partnership
- A business that is owned and operated by the government
- A nonprofit organisation
- A business licensing another to use its brand
What is a mission statement for a business?
- A document outlining the legal structure of the company
- A statement describing the company's long-term goals and purpose
- A financial statement detailing the company's profits and losses
- A marketing plan for a new product
Which of the four factors of production could be described as "human effort, skills, or expertise"?
- Land
- Labour
- Capital
- Enterprise
Which of the following is not a potential benefit of franchising?
- Rapid growth of business
- Increased brand awareness
- Low risk
- Lower taxation
What is a disadvantage of being a sole trader?
- Limited liability
- Difficulty in raising capital
- Limited control over the business
- Separate legal entity
A business purchasing a customer is…
- Conglomerate integration
- Forward vertical integration
- Backward vertical integration
- Horizontal integration
