Learn: AO1 - Using Accurate Business Terminology

Welcome!Welcome to today's lesson on Using Accurate Business Terminology, designed just for you! Understanding key business terms is essential for success in AQA GCSE Business 8132, so let's dive in and build your knowledge step by step.

What is Business Terminology?Business terminology refers to the specific words and phrases used to describe business concepts, structures, and operations. Using accurate terminology is crucial for clear communication, exams, and understanding real-world business scenarios.

Why is Using Accurate Terminology Important?Using the correct terms helps avoid misunderstandings and demonstrates your knowledge of business concepts. In exams, it shows the examiner that you fully understand the subject and can articulate it clearly.

Key Business Terms: Types of BusinessDifferent businesses have different forms of ownership. The main types are:Sole trader: A business owned and run by one person, with unlimited liability.Partnership: A business owned by two or more people, usually sharing the profits and liabilities.Private limited company (Ltd): Owned by private shareholders, with limited liability.Public limited company (Plc): Shares sold publicly on the stock exchange, with limited liability.Not-for-profit organisations: Focus on social or community objectives rather than profit.

StakeholdersStakeholders are individuals or groups that have an interest in a business. Key stakeholders include owners, employees, customers, suppliers, and the local community. They can have different goals, which may sometimes lead to conflicts.

Business ObjectivesBusiness objectives are goals that a company wants to achieve. Common objectives include profit, survival, growth, an increase in market share, customer satisfaction, and acting ethically.

Review Time!Great job! You've learned about business terminology, types of businesses, stakeholders, and business objectives. Let's test your understanding with a few review questions!