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Stakeholder - Individuals or groups that affect or are affected by a firms activities., Owner - The individual or group that legally own the business, Shareholder - Somone who has invested in the business and in return recieves dividens. They own a proportion of the business dependant on the size of thier share., Entrepreneur - Somone who takes the risk of setting up thier own business, External agencies - A stake holder who is responsible for regulating the activities of a particular organisation i.e food standard agency, Ofsted., Local community - People who live around the area where the business is located, Staff - Poeple who work for the business, Customers - People who purchase goods or services from the business, Suplliers - Companies who sell thier product to the business., Target market - A particular group of consumers at which a product or service is aimed, Revenue - The money that comes into the business from sales, Profit - Revenue - Total costs, Fixed cost - Cost that will always stay the same i.e mortgage repayments, Variable cost - Cost that changes dependant on output i.e raw materials, Government - The group of people with the authority to govern a paticular country, Income tax - Tax that is paid based on your income, National insurance - Tax that is paid both by individuals and employers to pay for the services of the NHS, Direct tax - These type of taxes are dependant on a persons income or wealth. i.e income tax or property tax, Indirect tax - These types of taxes are based on a persons consumtion i.e VAT or service tax,

key terms quiz


Community Lslevin AS

United Kingdom

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