Brendan wants to be a successful entrepreneur．He plans to start up a flower shop using government support．Brendan＇s brother has offered to form a business partnership with him．Brendan knows it is important for a new business to use a suitable pricing method．He has already identified ways the business can increase added value．Brendan wants to know how an economic boom might affect his business．（a）Define＇business partnership＇． ....................................................................................................................................... ....................................................................................................................................... ....................................................................................................................................... .......................................................................................................................................

Business

IGCSE&ALevel

CAIE

Exam No：0450_s25_qp_11 Year：2025 Question No：1(a)

Answer:

Award 2 marks for a full definition. Award 1 mark for a partial definition.
- Two (or more) people agree to (jointly) own the business [2]
- A business formed by two (or more) people who will usually share responsibility for the day to day running of the business [2]
- An unincorporated business that has more than one owner [2]

Partial definition e.g.
- business run by two or more people [1]

Knowledge points:

1.4.1.1. Sole traders, partnerships, private and public limited companies, franchises and joint ventures

1.4.1.2. Differences between unincorporated businesses and limited companies

1.4.1.3. Concepts of risk, ownership and limited liability

1.4.1.4. Recommend and justify a suitable form of business organisation to owners/management in a given situation

Answer:

Knowledge points:

Solution:

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