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| Question | Answer |
| What is a aim? | An aim is a long term goal for a business |
| What is an objective? | An objective is a short term goal but it is specific that must achieve to meet the aim |
| What is smart? | S-specific M-measurable A-Achievable R-realistic T-timed |
| Why is location important? | Location is important because of the product you are selling |
| What is chain of production? | Chain of production is the three sectors, primary sector, secondary sector, tertiary sector |
| What are the functional areas? | There are sales and marketing, human resources, administration, product and transport, customer service, IT, research and development, finance, |
| What is ownership? | There is sole trader, partnership, private limited company, public limited company, franchise, cooperative, charity |
| Here are some general aims | Making or increasing profit, improving market share, providing goods/ services and there are many more |
| What is a mission statement and some examples of some mission statements | Gives key aims of the business and how it intends to operate and achieve these aims E.g. Ford Motor Company’s vision is ‘ to become the worlds leading company for automotive products and services |
| What is a sole trader? | A sole trader is when you go into a business by yourself and you can only make the decisions and you take all the profit. |
| What is a partnership? | This is when two or more people open a business together, this means if you go into debt your personal belongings will not be taken away from you. |
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