Key Terms CTEC

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Across
  1. 4. When a business grows too large and average costs per unit increase.
  2. 7. The UK government department responsible for collecting taxes.
  3. 8. A business owned and run by one person.
  4. 10. The business sector that provides services rather than goods.
  5. 11. The ability of a business to meet its short-term financial obligations.
  6. 12. Involving different departments working together toward a common goal.
  7. 14. The business sector that extracts natural resources from the earth.
  8. 17. When a business owner is personally responsible for all business debts.
Down
  1. 1. The percentage of total sales in a market held by one business.
  2. 2. Business expenses that do not change with output levels.
  3. 3. A rule that prevents the assets of a social enterprise being distributed to shareholders.
  4. 5. A debt a business must repay within 12 months.
  5. 6. Being creative, innovative and willing to take risks in business.
  6. 9. A type of limited company whose shares can be sold to anyone on the stock market.
  7. 13. The public image and identity of a business, including its branding and values.
  8. 15. The department responsible for recruitment, training and employee welfare.
  9. 16. The process of creating goods or services to satisfy customer needs.