Podcast Beta
Questions and Answers
What is the opportunity cost?
The benefit of the next most desired option which is given up.
Define added value.
The difference between the costs of purchasing bought-in materials and the price the finished goods are sold for.
Who is an entrepreneur?
Someone who takes the financial risk of starting and managing a new venture.
What are the three objectives of social enterprises according to the triple bottom line concept?
Signup and view all the answers
Give an example of a business activity in the secondary sector.
Signup and view all the answers
What type of business activity does the tertiary sector comprise?
Signup and view all the answers
Define a mixed economy.
Signup and view all the answers
What is the main difference between a sole trader and a partnership?
Signup and view all the answers
What is the key feature of limited liability in a company?
Signup and view all the answers
What distinguishes a private limited company from a public limited company?
Signup and view all the answers
What does a share entitle the shareholder to in a company?
Signup and view all the answers
What information does the memorandum of association state about a company?
Signup and view all the answers
In a partnership, what is the significance of shared capital investment?
Signup and view all the answers
What are the characteristics of a public limited company?
Signup and view all the answers
What is the significance of full control in a sole trader business?
Signup and view all the answers
How does limited liability protect shareholders in a company?
Signup and view all the answers
What rights and benefits do shareholders have in a company?
Signup and view all the answers