Consumer goods are goods and services sold to ordinary people rather that businesses
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What is a business?
An organisation that produces goods and services
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What is a stakeholder?
A stakeholder is an individual or group with an interest in the operation of a business
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What is the difference between the public and the private sector.
The public sector is a business organisation owned by local government and the privates sector is a business organisation owned by individual or a group of individuals
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what is revenue?
money from the sale of goods and services
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What is a sole trader?
When a business is owned by only one person
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What is unlimited liability?
When the owner of the business is personally liable for all business debts
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2 advantages of being a sole trader
1) The owner keeps all the profit 2) The owner is independent and has complete control
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2 disadvantages of being a sole trader
1) they have unlimited liability 2)long hours and very hard work
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whats the importance of clear objectives
1) Employees need something to work towards . 2)to keep owners motivated 3) To assess the performance of the business
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What is a partnership?
A Business owned by 2-20 people
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What is a deed of partnership
A binding legal document that states the formal rights of partners
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2 Advantages of Partnerships
1) The Job of running the business is sharde
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Other cards in this set
Card 2
Front
What is a business?
Back
An organisation that produces goods and services
Card 3
Front
What is a stakeholder?
Back
Card 4
Front
What is the difference between the public and the private sector.
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