Business objectives — main goal?
To achieve profit, growth, or sustainability.
Types of businesses — examples?
Sole trader, partnership, Ltd, PLC, franchise.
Profit — definition?
Financial gain after costs are deducted.
Revenue — total?
Income from sales before costs.
Market Share — meaning?
Proportion of industry sales held.
Cash Flow — importance?
Maintains liquidity and operations.
Business Objectives — focus?
Profit, revenue, market share, survival.
Business Environment — includes?
Economic, legal, social factors.
Stakeholders — role?
Influence and are affected by the business.
Answer 6 questions on Fundamentals of Business and Economics.
1. How should a business prioritize its objectives when aiming to expand its market share while maintaining profitability?
2. Arrange the following types of businesses in the order they were historically established or became prominent: sole trader, partnership, private limited company (Ltd), public limited company (PLC).
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