Business and People

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What is the meaning of corporation tax?
Tax paid on profit
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2 examples of barriers to communication
Language , internet access
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Meaning of limited liability
Where the business and the owner have a seperate legal identity so owners arent at risk of losing personal possesions, only money invested into the business
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What does continuity mean?
Where if the owner dies the business can still carry on
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What is the secondary sector?
Where raw materials, that have been extracted in the primary sector, are turned into finished goods
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Insolvency meaning
where a business cant afford to pay its debts and so has to shut down
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Why might the government ahave an interest as a stakeholder in a business?
To make sure theyre paying tax or not breaking any laws
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A disadvantage of operating as a public limited company
A hostile takeover could happen because people can buy shares on the stock exchange
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What is meant by the term strike action?
Where people protest for something they want
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Why are customers interested in a business?
They want good quality products and low prices
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What are factors a business should consider when locating its business?
Infrastructure, demand, price
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Objectives of a business
Survival, growth, making profit and providing a service
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What is internal recruitment?
When someone from within the business is recuited
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What is external recruitment?
Someone from outside the business is recruited
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What is meant by off the job training?
Where an employee recieves training at somehwere other than the workplace
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What is an advantage or paying workers using a piece rate system?
More motivated which may increase productivity aand profits
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What is the disability discrimination act?
Where disabled people are given the same opportunities as an able person
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How might a limited company allocate its profit?
Paying shareholders a dividend in return for their investment
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What is meant by the term life-long learning?
The continuous build up of konwoledge through someones life, through formal and informal experiences such as training
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How are profit and growth inter-related in business?
Profit can be retained and then reinvested into the business to help them grow
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Card 2


2 examples of barriers to communication


Language , internet access

Card 3


Meaning of limited liability


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Card 4


What does continuity mean?


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Card 5


What is the secondary sector?


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