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CTEC Business - Unit 1 exam questions with accurate answers.
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CTEC Business - Unit 1 exam questions with accurate answers.
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CTEC Business - Unit 1 exam questionswith accurate answers.
Business Activities Buying, selling, renting, investing of an organisation or of the commercial and
manufacturing sectors of an economy
Retail Customers Customers who buy finished products
Business Customers Businesses that purchase products or services from another business
Private Sector Businesses not associated with government agencies.
Public Sector Comprises organisations accountable to and controlled by central or local government
(the state)
Third Sector Non-Profit Sector
Sole Trader A business owned and operated by one person
Partnership A business owned by two or more people
Private Limited Company (Ltd) A company that cannot sell shares to the general public. It is not listed
on the Stock Exchange
Public Limited Company (Plc) A company which sells shares to the general public.
Charity giving resources or volunteering time to help those in need
Franchise The right to sell a good or service within an exclusive market
Worker Cooperative Business entity that is owned and controlled by the people who work in it
Community Interest Companies (CIC)
Public Sector Organizations
unlimited liability The owner is personally and fully responsible for all losses and debts of the
business
limited liability financial responsibility of business owners only for what they invested in a business
diseconomies of scale the property whereby long-run average total cost rises as the quantity of output
increases
legal status
liability an amount owed by a business
Fundingmoney provided, especially by an organization or government, for a particular purpose.
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