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AQA A-Level business paper 1 revision Questions and Answers updated 2022

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Why businesses exist Can make you money and you can be your own boss Mission a business aim expressed to make it seem especially purposeful and motivating 01:19 01:46 Objectives ... SMART Specific, Measurable, Achievable, Realistic, Time-bound Why businesses set objectives - it is motivating to have a goal to aim toward - as a boss you can not make every decision Profit Revenue - total costs What are the 5 types of business -sole traders -private limited companies (LTD) -Public limited companies (PLC) -Private and public sector organisations - non-profit organisations (charities) Sole traders a business that is owned and operated by one person Private Limited Company (Ltd) A small to medium sized company, owned by shareholders who have limited liability. The company cannot sell its shares to the general public. Private Limited Company Advantages -Limited liability -Additional capital can be raised by selling shares (not to the general public) -Separate legal existence to the owner -Higher business status to sole trader Private limited company Disadvantages -You have to publish the account information -You need two share of £1 each Public limited company (plc) A limited company with more that £50,000 of share capital. Any member of the public can buy shares. Public companies must publish more detailed accounts Public limited company Advantages -Raising capital through public issue of shares -Offering shares to the public spreads risk -Banks are more likely to lend money to PLC's -More growth and expansion opportunities -Having PLC at the end of your business name gives a better image -Shares are more easily transferred so shareholders are happier -Separate legal entity to the owner [Show More]

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