Business Admin - Unit 2

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What is the Private Sector?
Company's run by individuals and earning for profit.
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Who is in the Private Sector?
1. Sole Trader 2. Partnership 3. Limited Company 4. Public Limited Company
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What is the Public Sector?
Managed by the governement and funded by public and business taxes. Provide services to the public.
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What does the Public Sector include?
1. Education 2. NHS 3. Local Council 4. Police
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What is the Voluntary Sector?
Non for profit organisations and benefit the public.
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Who is in the Voluntary Sector?
1. Charities 2. Trusts 3. Local Community Organisations 4. Societies
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What is a Sole Trader?
A Sole Trader decribes a business which is run by only one owner. Sole Traders are responsible for all losses.
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What is a Partnership?
Any company owned by 2 or more people. Adv - Shared responsibility Dis - Shared Profit
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What is a Limited Company?
A company who's owners are only responsible for losses of the amount of money they invested.
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What is a PLC?
A company which sells shares to the public.
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What is an example of a Trust?
Housing Association
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What is an example of a Local Community Interest Organisation
Neighborhood Watch Schemes
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What is an example of Societies?
Uniformed Organisations - Scouts, Guides
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What is a Flat Hierarchy?
1, 2 or maybe 3 levels. Wide ares of responsibility. Short lines of communication.
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What is a Tall Hierarchy?
Has many levels. Narrow areas of responsibility. Long lines of communication.
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What is a Functional Structure?
1 single manager to report to. A single point of contact. Organised by functional areas (HR, Sales, Dispatch)
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What is a Matrix Structure?
Sub-areas within a functional area. 2 Managers - Project manager and a functional manager.
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Describe the Legal Structure of Sole Trader
- One Owner - Sole Responsibility - Liability for all debts for the business - Risks to own property - Keeps Profits
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Describe the Legal Structure of a Partnership
- Shared Ownership - Shared Responsibility - Joint liability for all debts - Shared profits
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Describe the Legal Structure of Limited Company
Shared Ownership - Limited liability to investment - Need for company registration (AOA) - Have to submit accounts
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Describe the Legal Structure of Public Limited Company
Owned by Shareholders - Liability limited to investment - Need for company registration (AOA) - Financial records published
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Describe the Legal Structure of the Public Sector
Set up and controlled by the government - Financed through taxes by the public
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Describe the Legal Structure of a Unincorporated Association
Do not have to register with regulator body - Not obliged to keep membership list - If income is above £5000 required to register with Charity Commission
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Describe the Legal Structure of a Charitable Trust
Rub by a small group of people - Trustees can be appointed for life or changed regularly - Trustees have no personal benefit from its actives.
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Describe the Legal Structure of a Charitable Incorporated Organisation
Registered and regulated by the Charity Commission - Annual account/trustees report must be submitted.
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Describe the Legal Structure of a Charitable Company
Limited Company with Charitable aims - Directors are not personally liable for the company's debts - Membership Organisation - Has its own Memorandum and AOA.
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What does SWOT stand for?
1. Strengths 2. Weaknesses 3. Oppurtunitys 4. Threats
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What does PESTLE stand for?
1. Political 2. Economical 3. Social 4. Technological 5. Legal 6. Enviromental
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What are SWOT and Pestle?
Different models of analytic tools to support business planning/asses potential impact
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Why is change in the Business Environment important?
Keep up with competitors - Adapt to changes in market
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What is an Article of Association?
A business document which details - What type of business it is - Who the directors are/Their responsibility's
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Who need to submit an Article of Association?
1. Public Limited Company 2 - Limited Company
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What company can sell shares to the public?
Public Limited Company
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What is a Share Holder?
A person whom has bought shares in a PLC (Owns a part of the business)
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What is a Dividend?
A payout that shareholders receive depending on how well the company is doing.
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What is an Annual Report?
A report submitted yearly by the Voluntary Sector.
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What information is included in an Annual Report?
1. A break down of where the money has gone 2. Achievements 3. Communicate Activity's 4. Recognize those that have done well
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What is an Internal Influence?
A change within the organisations control
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What is an External Influence?
A change beyond the organisations control
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Name 3 internal influences
1. Communication 2. Manager Motivation 3. Reputation
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Name 3 external influences
2. Lending Conditions 2. Government Regulations 3. Competition
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Other cards in this set

Card 2

Front

1. Sole Trader 2. Partnership 3. Limited Company 4. Public Limited Company

Back

Who is in the Private Sector?

Card 3

Front

Managed by the governement and funded by public and business taxes. Provide services to the public.

Back

Preview of the back of card 3

Card 4

Front

1. Education 2. NHS 3. Local Council 4. Police

Back

Preview of the back of card 4

Card 5

Front

Non for profit organisations and benefit the public.

Back

Preview of the back of card 5
View more cards

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