The exam you will sit focuses on Units 1, 2 and 3 that form Paper 1. In Paper 1 you will get topics that cover business activity, ____ and people. Businesses exist to ____ the needs of ____. ____ will often spot an ____, and develop products and ____ to meet customer ____. A successful entrepreneur has many ____. The characteristics that you must learn are: ____, risk taking, determination and confidence. There are a number of risks and rewards in starting and running a business. Planning is a vital part in the successful start-up and ____ of a business. A business ____ is normally written when a business ____ or when an important change to the business takes place. A number of people, as well as the ____ of the business, will be interested in seeing the business plan. A business plan is ____ when someone is simply trying to see if a business idea will really work, before actually starting the business. There are ____ types of business ____ that you must be familiar with – sole trader, partnership, private limited company and ____. Each type of business ownership has its own unique ____ and disadvantages. Changing circumstances may mean that a different type of ownership could be appropriate. Many successful ____ businesses do not change their type of ownership. Private ____ companies are more ____ to set up and operate than a sole trader or ____. A public limited company is much more expensive than a private limited company to set up and ____. A new business would ____ start as a public limited company. Private and public limited companies are owned by their ____. The main reason for a business becoming a public limited company is the ability to raise large amounts of ____. Businesses in different situations will often have different ____. Although some objectives might differ, there are often common objectives in businesses. ____ and objectives may remain the ____, especially in small ____. In other situations, aims and objectives change as businesses ____. The aims and objectives of a business are often influenced by the attitude of the business ____. The objectives of a business are often linked. For example, providing a good ____ should lead to more ____, which in turn will help increase ____, which will then help the ____ of a business. There are a number of ____ groups who have an ____ in business ____. Stakeholder groups can ____ business activity, and business activity can influence stakeholders. Stakeholders may not always agree on the way a business should develop. The government, as a stakeholder, can affect business activity in a number of different ways. ____ stakeholders work within a business, either making decisions or carrying them out. ____ stakeholders do not work within a business but are affected by its activities. It is important to distinguish between a stakeholder and a ____. Shareholders hold shares in a business, which means they own part of it and stakeholders have an interest in a business but do not ____ it (unless they are also shareholders). A business ____ when it sells more ____ over a period of time. Business growth is often an important business ____ because it may: help to increase market share, ____ increase revenue, help a business to open more branches Business growth can occur in a number of ways: from employing more people, from opening more branches, from increasing sales or revenue, from increasing profits ____, or internal growth, occurs when a business decides to expand its ____ activities by launching ____ and/or entering new markets. Businesses do this in order to improve their chances of increasing their customers, revenues and profits. External growth usually involves a ____ or takeover. A merger occurs when two businesses join to form a new (but larger) business. A ____ occurs when an existing business expands by ____ more than half the shares of another business.

Unit 1 - Word Gaps

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