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Learn: AO1 Using Accurate Business Terminology
AQA GCSE Business 8132
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Welcome!Welcome to today's lesson! We're going to explore how to use accurate business terminology, which is an essential skill for your AQA GCSE Business course. This will help you understand and explain key business concepts clearly and confidently.
What is Business Terminology?Business terminology refers to specific words and phrases used to describe important concepts in business, such as types of businesses, stakeholders, and financial terms. Knowing these terms helps you communicate effectively and understand key ideas in the subject.
Purpose of BusinessThe purpose of business is to produce goods or services that meet customer needs and wants, solve problems, and provide opportunities. Businesses can be profit-driven or focused on helping others, such as charities.
What is the primary purpose of a business?
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Types of BusinessesThere are different types of businesses, including sole traders (owned by one person), partnerships (shared ownership), private limited companies (Ltd), public limited companies (Plc), and not-for-profit organisations. Each type has different structures, levels of control, and liabilities.
Match the items on the left with their correct pairs on the right
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StakeholdersStakeholders are individuals or groups with an interest in the activities of a business. Key stakeholders include owners, employees, customers, suppliers, and the community. They often have different goals, which can lead to conflicts.
Which of the following is an example of a stakeholder?
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Location FactorsBusinesses consider location factors when deciding where to operate. These factors include access to customers, availability of skilled labour, costs, and proximity to suppliers and competition.
Which of the following are important factors when choosing a business location? (Select all that apply)
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Business PlansA business plan outlines the objectives, strategies, and financial forecasts of a business. It helps entrepreneurs secure funding and identify risks and opportunities. It typically includes sections like market research, financial plans, and business goals.
A business plan helps an entrepreneur to {{blank0}} funding and identify {{blank1}} and opportunities.
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Review Time!Great work! You've learned about accurate business terminology including purpose of business, types of businesses, stakeholders, location factors, and business plans. Now let's test your understanding with a few questions.
Which of the following business types have limited liability? (Select all that apply)
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Which term describes individuals or groups with an interest in a business?
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Match the items on the left with their correct pairs on the right
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{{blank0}} are individuals or groups who have an interest in the success of a business.
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