ASSIGNMENT TITLE - Section 1
Understand the purpose and ownership of business
Assignment P1 M1P1 Explain the purpose of businessIn order to pass this assignment, you should:
ScenarioYou work for a dynamic local Learning and Skills Council which has a passion for informing young people about the world of work. You have been working as part of a team, preparing training materials for young people. Your line manager has been impressed with your work and has now given you an individual task which is to prepare a series of documentation for use in local schools & colleges. You will use information which you have obtained from secondary research about four different business organisations. You can include images, diagrams and charts in the documentation you prepare in order that they are attractive to the students who will be using them.
In the space below write a paragraph explaining the purpose of business.
Most people will start a business to increase their profit also escaping their boring job and being self employed.
Explain how business aim to make a profit
All business activity costs money. Businesses have to pay for items such as raw materials, wages and salaries, and other running costs. To cover their costs, businesses must sell the goods and services they make. If its income is greater than its costs, the business will make profit.
Write a brief paragraph on each of the following
The most common form of business organisation, describes any business that is owned and controlled by one person, although they may employ works e.g a newsagent’s shop. Individuals who provide a specialist service like a hairdressers, plumbers or photographers, are also sole traders. Sole traders do not have a seprate legal existence form their owners are personally
Business owned by two or more people. Partnerships are bigger than...
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