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I have put this test together to help you get good understanding of the topic so please take the test as many times as you can to ensure you have understood this chapter. If you get any of the questions wrong do not worry, keep taking the test and go through the lesson again…
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1.5.1 Businesses can have several objectives and the importance of them can change: Business objectives are the specific, measurable goals a company sets to guide its operations and measure success. They provide direction, focus, and a framework for decision-making within an organization. The importance of business objectives lies in: Clarity and Direction: Objectives define…
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Here I have prepared a test to help you remember the key points of this topic 1.4 Types of business organisation: Remember take this test many times to ensure that you have fully understood it. As always make sure you take all the tests and practices I have prepared for you on this website…
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1.4.1 The main features of different forms of business organisation: Sole Traders: Individuals running businesses alone, having full control and responsibility for profits and liabilities, often found in small enterprises. Advantages: Full Control: Sole traders have complete autonomy over decision-making and business operations.Simplicity: Minimal regulatory requirements and straightforward tax filings. Disadvantages: Unlimited Liability: Personal…
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I have prepared this test to help you understand topic 1.3 Enterprise, business growth and size Take the test as many times as you can before your exam to make sure that you understand the key point of this topic. Remember that practice makes perfect. Keep practicing and you will get high grades. There…
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1.3.1 Enterprise and entrepreneurship: An enterprise is an activity or a project that produces services or products. Within enterprise we have entrepreneurs. Entrepreneurship An entrepreneur is a person who organises, operates and takes risks for a new business venture. The entrepreneur brings together the various factors of production to produce goods or services. Here…
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1.2.1 Economic sectors in terms of primary, secondary and tertiary sectors: To understand the classification of business, we need to understand what an economy is. What is an economy? Economy means the resources, riches and wealth of a country. the bigger the economy the better it is for the country. The economy may raise…
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Here I have prepared a test to help you understand this chapter well. Please make sure that you watch the lesson and read the notes from this website to make sure you are really ready for the exam. Please make sure you take this Online practice test as many times as possible to make…
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In this page you will find all the tests and practices I have prepared for you to complete. Please ensure that you take all the tests available to maximise your chance of getting high grades. Each Test will have around 10-20 questions and there is no time limit so you can take your time…
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I have put this test together to help you get good understanding of the topic so please take the test as many times as you can to ensure you have understood this chapter. If you get any of the questions wrong do not worry, keep taking the test and go through the lesson again…