Business Studies 2025 Complete Question
and Answers Final Exam.
Business - CORRECT ANSWER✅✅✅an organisation that provides goods or services
Market - CORRECT ANSWER✅✅✅where buyers (or customers) and sellers (businesses)
meet to exchange goods and services
Sole Trader - CORRECT ANSWER✅✅✅a business owned by only 1 person who has
unlimited liability
Private limited company - CORRECT ANSWER✅✅✅A business owned by shareholders
who have limited liability, but shares in the business CAN NOT be SOLD on the stock market
Franchise - CORRECT ANSWER✅✅✅The right given by one business to another to sell
goods or services using its name
Franchisee - CORRECT ANSWER✅✅✅A business that agrees to manufacture, distribute or
provide a branded product under license by a franchisor
Franchisor - CORRECT ANSWER✅✅✅The business that gives franchisees the right to sell
its products in return for a fixed sum of money or royalty payment
Unlimited Liability - CORRECT ANSWER✅✅✅A legal obligation on the owner of a
business to settle all debts of the business. In law, there is no distinction between what the
business and the owner owns and owes
Limited Liability - CORRECT ANSWER✅✅✅When shareholders of a company are not
personally liable for debts of the company: the most they can lose is the value of their investment
in the shares of the company
, Start up Fee - CORRECT ANSWER✅✅✅The amount of money that the Franchisee pays to
the Franchisor to use its name
Shareholder - CORRECT ANSWER✅✅✅The owner of a company entitled to a share of the
profits each year
Customer Needs - CORRECT ANSWER✅✅✅The wants and desires of the customer
Market Research - CORRECT ANSWER✅✅✅The process of gaining information about
customers, competitors and market trends through collecting primary and secondary data
Primary Research - CORRECT ANSWER✅✅✅The gathering of new information, which
has not been collected before
Secondary Research - CORRECT ANSWER✅✅✅The collecting of information that has
already been gathered by someone else and that already exists
Quantitative Data - CORRECT ANSWER✅✅✅Data which can be expressed as numbers
and can be statistically analysed
Qualitative Data - CORRECT ANSWER✅✅✅Information about opinions, judgements and
attitudes
Market Segmentation - CORRECT ANSWER✅✅✅a part of the market that contains a
group of buyers with similar buying habits
Added Value - CORRECT ANSWER✅✅✅The increased worth that a business creates for a
product.
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