Business management:

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What is a public business? and give an example.
A business that is funded by the government (through tax's) e.g. NHS/ DEFRA
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What is a private Business?
A profitable business funded by an individual or group and not funded by the government (Pets At Home, Veterinary surgeries, Zoos)
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What is a voluntary business?
A non-profit business funded by donations and charity work (BSCF, RSPCA)
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Define shareholder:
Somebody who owns part of a business
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Define stakeholder:
Anybody who has an interest in a business
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What is a franchise? and give an example
A business whereby the franchisor sells shares of the business to independent 3rd party operators (McDonalds)
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What is limited liability?
A business' individual/ personal assets cannot be seized in an effort to repay debt obligations attributed to the company.
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what is a sole trader:
A business with only 1 owner (corner stores)
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what is a Cooperate:
A business that has 2 or more individuals that own it
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what is a partnership?
A business between 2 or more individuals that share profit and management
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What is a company?
Business owned by a group of individuals/ association of people
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What is a charity?
A non-profit organisation ran by individuals/group relying on donations and charity work to fund it
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What is a government owned business?
A business that is owned by the government
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What is a public limited company?
A business offering limited liability and enables anyone to buy shares
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What is a private limited company?
A business offering limited liability but not just anyone can buy shares
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Define share capital:
The money invested in a company by the shareholders
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What is corporation tax?
Tax charged on a companies profits
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What is income tax?
Tax charged directly on personal income
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Give 2 advantages of opening up a new business as a franchise:
- wider audience is reached, increasing profits & the bank is more likely to loan money to a franchise.
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Give 2 disadvantages of opening up a new business as a franchise:
- The managers have less control over the business & if one of the stores has a problem this reflects on the whole franchise.
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Give 2 advantages of opening up a new business as a sole trader:
- The manager has all control of the business & the business is easy to form
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Give 2 disadvantages of opening up a new business as a sole trader:
- Unlimited liability & bank is less likely to lend money to a sole trader
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Give 2 advantages of opening up a new business as a partnership:
- shared roles (profit and management) & more money to put into the business
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Give 2 disadvantages of opening up a new business as a partnership:
- The partners may not agree on everything & unlimited liability
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Give 2 advantages of opening up a new business as a private limited company
-Limited liability & shareholders are likely to be close friends/family and therefore more trustworthy and reliable
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Give disadvantages of opening up a new business as a private limited company:
- The business may be difficult to fund & it is a more time consuming business to set up
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Give 3 objectives of a charity:
-prevention/ relief of poverty, advancement of religion, environmental protection
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Give 2 advantages of a private business:
-Customer has better service & employees earn more money
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Give a disadvantages of a private business:
- More expensive service for the customer
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Define Marketing:
The strategy of engaging customers/ clients in a product/ service
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Define Advertising:
Propaganda used to influence customers /clients to buy a product or service
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Define Market segmentation:
A group of customers with similar needs or wants
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Other cards in this set

Card 2

Front

What is a private Business?

Back

A profitable business funded by an individual or group and not funded by the government (Pets At Home, Veterinary surgeries, Zoos)

Card 3

Front

What is a voluntary business?

Back

Preview of the front of card 3

Card 4

Front

Define shareholder:

Back

Preview of the front of card 4

Card 5

Front

Define stakeholder:

Back

Preview of the front of card 5
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