GCSE BUSINESS STUDIES UNIT 1 REVISION OWNERSHIP STAKEHOLDERS

GCSE BUSINESS STUDIES UNIT 1 REVISION – OWNERSHIP & STAKEHOLDERS

Aims & Objectives 1. Carry out revision activities during the lesson 2. Understand different types of Stakeholder for businesses. 3. Understand different types of Ownership for business. 4. Understand methods of growth by a business • TASK: • Work through the following slides and answer the questions (in books / on paper / on PC – YOU DECIDE!) • Use your notes/text books/BBC bitesize to help you!

Ownership of Business – Sole Trader & Partnership 1. What is a Sole Trader? 2. Give 2 advantages & 2 disadvantages of being a Sole Trader. 3. What is a Partnership? 4. What document do you need to produce to set up a partnership? 5. Give 2 advantages & 2 disadvantages of being a Partnership 6. Both Sole Traders & Partnerships have UNLIMITED LIABILITY. Can you explain what is meant by Unlimited Liability?

Ownership Revision - Franchises 1. What is a franchise? 2. What is the difference between a franchisee and franchisor? 3. Name 3 franchises 4. State two benefits of setting up a franchise 5. State two disadvantages of setting up a franchise

Ownership - Limited Company 1. Give two advantages of being: – a private limited company – a public limited company 2. Give two disadvantages of being: – a private limited company – a public limited company

Business Objectives Revision 1. What is meant by the term business objective? 2. Give three examples of business objectives for a firm 3. State two reasons why a firm might change its objectives as it grows larger 4. What is meant by the term business ethics? 5. Can you give an example of an ethical business? 6. Can you give an example of an ethical business objective? 7. State 2 social costs of business 8. State 2 social benefits of business

Methods of Growth Revision 1. What is meant by organic growth? 2. What is the difference between a merger and a takeover? 3. What is the difference between horizontal and vertical integration? 4. What is meant by diversification? 5. State 3 stakeholders of any business. Explain WHY each of these are stakeholders.