Exam (elaborations)
Exam (elaborations) Business
Business Studies 2025 Complete Question and Answers Final Exam.
[Show more]
Seller
Follow
Content preview
Business Studies 2025 Complete Questionand 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.
PRICE CHARGED - COST FROM SUPPLIERS
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyAceHub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.64. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66781 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now