OCR GCSE Business Paper 1: Business Activity Questions & 100% Correct AnswersLatest Test | Graded A+ | Passed
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Module
OCR GCSE
Institution
OCR GCSE
Entrepreneur
-:- Is a person who takes the risk of starting and running a business enterprise.
Spotting an opportunity
-:- Is the ability to see the need for a particular product or service that customers
need.
Enterprising characteristics
-:- Are the features of an entrepreneur, which in...
✓ -:- Finance is needed to start a business - maybe a loan or grant.
Success
✓ -:- For a business can take many forms, including making a profit, surviving and
providing a good service.
Resources
✓ -:- Are the things a business needs to make it work, including land, labour, capital
and enterprise.
Limited liability
✓ -:- Is where the responsibility for the debts of a business is limited to the amount
invested by a shareholder. They will not be made to sell personal belongings to pay
off business debt. A feature of private and public limited companies.
Unlimited liability
✓ -:- Is where the responsibility for all the debts of a business rests with the owners of
the business. A feature of sole traders and partnerships who may need to sell their
own personal belongings to pay off business debt.
Sole trader
2|Page | Grade A+| 2024/2025
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