AQA GCSE Business Studies - Unit 1 Key terms

Is an owner of a company. Each shareholder owns a share of the business.  The amount of shares owned can indicate the amount of control within the business.  

• Customer
• Stakeholder
• Owner
• Shareholder

Is formed when 2 or more people set up in business  together. This can be between 2—20 people.  

• Sole Trader
• Partnership
• Company
• Franchise

Is a document that sets out what the business does at  present , plus what it intends to achieve in the future and how this will be accomplished. The plan will include marketing and financial plans.  

• Business Outline
• Business Aims
• Business Objectives
• Business Plan

A target that is set for a business to achieve.

• Objective
• Aim
• SMART
• PIGS

Is a business that has its own legal identity. It can own items, owe money, sue and be sued.

• A Business
• A Company

Is an individual, group or an organisation that is affected by the actions or activities of a business.  

• Customers
• Stakeholders
• Owners
• Shareholders

Occurs when a franchisor sells an existing business idea to a franchisee.  

• Franchise
• Franchisor
• Franchisee
• Venture capital

Someone who is willing to take the risks involved in starting a business. (S)he believes that the rewards of starting a business are worth the risks and costs involved.

• Partner
• Entreprenuer
• Ltd Company
• Sole trader

Is the buyer of the franchise.

• Franchise
• Franchisor
• Franchisee
• Venture capital

A long term goal that is set for a business to achieve  

• Objective
• Aim
• SMART
• PIGS