Business management: 0.0 / 5 Allstructure, ownership, marketing All LevelsAll boards Created by: sophie.richards4Created on: 11-10-18 17:34 What is a public business? and give an example. A business that is funded by the government (through tax's) e.g. NHS/ DEFRA 1 of 32 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) 2 of 32 What is a voluntary business? A non-profit business funded by donations and charity work (BSCF, RSPCA) 3 of 32 Define shareholder: Somebody who owns part of a business 4 of 32 Define stakeholder: Anybody who has an interest in a business 5 of 32 What is a franchise? and give an example A business whereby the franchisor sells shares of the business to independent 3rd party operators (McDonalds) 6 of 32 What is limited liability? A business' individual/ personal assets cannot be seized in an effort to repay debt obligations attributed to the company. 7 of 32 what is a sole trader: A business with only 1 owner (corner stores) 8 of 32 what is a Cooperate: A business that has 2 or more individuals that own it 9 of 32 what is a partnership? A business between 2 or more individuals that share profit and management 10 of 32 What is a company? Business owned by a group of individuals/ association of people 11 of 32 What is a charity? A non-profit organisation ran by individuals/group relying on donations and charity work to fund it 12 of 32 What is a government owned business? A business that is owned by the government 13 of 32 What is a public limited company? A business offering limited liability and enables anyone to buy shares 14 of 32 What is a private limited company? A business offering limited liability but not just anyone can buy shares 15 of 32 Define share capital: The money invested in a company by the shareholders 16 of 32 What is corporation tax? Tax charged on a companies profits 17 of 32 What is income tax? Tax charged directly on personal income 18 of 32 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. 19 of 32 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. 20 of 32 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 21 of 32 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 22 of 32 Give 2 advantages of opening up a new business as a partnership: - shared roles (profit and management) & more money to put into the business 23 of 32 Give 2 disadvantages of opening up a new business as a partnership: - The partners may not agree on everything & unlimited liability 24 of 32 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 25 of 32 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 26 of 32 Give 3 objectives of a charity: -prevention/ relief of poverty, advancement of religion, environmental protection 27 of 32 Give 2 advantages of a private business: -Customer has better service & employees earn more money 28 of 32 Give a disadvantages of a private business: - More expensive service for the customer 29 of 32 Define Marketing: The strategy of engaging customers/ clients in a product/ service 30 of 32 Define Advertising: Propaganda used to influence customers /clients to buy a product or service 31 of 32 Define Market segmentation: A group of customers with similar needs or wants 32 of 32
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