Business Revision

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  • Created by: layne_x
  • Created on: 11-05-15 12:18
Enterprise.
A word used to describe the skills and personality of a person that makes them successful in business, such as being determined to succeed and being confident.
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Entrepreneur.
A person who takes the risk of starting and running a business. They will have enterprise skills which make them successful in business.
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Factors of production.
Four resources that are essesntial for business. These are; land, labour, capital and enterprise.
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Business objectives.
Business objectives are what the business is trying to achieve, e.g. profit, growth, survival, providing a service, etc.
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Mission statement.
A mission statement is a brief summary of the main objectives a business or organisation has.
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Stakeholders.
An individual or group of people who have an interest in a business, including workers, customers, owners, the local community, etc.
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Private sector.
The part of business activity owned by private individuals. This is the greater part of business activity and includes sole proprietors, partnerships and private and public limited companies.
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Public sector.
The part of business activity controlled by local and central government, including health, education, fire service, police and the post office.
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Incoperated.
A form of business organisation which is a seperate legal entity. It has limited liability and is owned by shareholders.
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Unincorperated.
A type of business organistation which has unlimited liability.
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Sole trader.
A business that is owned by one person.
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Partnership.
A form of unincorperated business which is owned by more that one person.
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Silent/ sleeping partner.
A person who has invested capital into a business but does not take an active part in the running of the business.
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Deed of partnership.
A legal agreement drawn up between partners of the business stating the responsibiltiesof partnership (e.g. how profits and losses are to be shared; jhow the business is to operate).
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LLP.
A limited liability partnership. This is a new form of business stating the responsibilities or partnership with limited liability.
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Unlimited liability.
A business where the onwners are liable for its debts.
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Limited liability.
A business where the owner does not risk losing personal possessions in order to pay off the debts of the business.
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Bankruptcy.
Something taht affects individuals and unincorperated businesses when liabilities are greater that assets.
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Provate limited company.
A business owners by shareholders. Shares in the business can be boought and sold without restrictions. The business must use the words public limited comany or plc somewhere in the business name.
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Dividend.
A payment made to shareholders from the profits made by a private or publict limited company.
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Insolvency.
A limited liability company is said to be insolvent when liabilities are greater than assets.
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Incorperation.
The process of becoming a limited liability company.
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Registrar of comapnies.
Person responsible in the UK for maintaining records relating to the activities or private and public limited company.
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Certificate of incorperation.
Legal document issued by the resgistrar of companies allowing a business to trade as a limited liability business.
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Board of directors.
People that are usually elected by shareholders to represent their interests and make important decisions on how the company is to be operated.
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Other cards in this set

Card 2

Front

A person who takes the risk of starting and running a business. They will have enterprise skills which make them successful in business.

Back

Entrepreneur.

Card 3

Front

Four resources that are essesntial for business. These are; land, labour, capital and enterprise.

Back

Preview of the back of card 3

Card 4

Front

Business objectives are what the business is trying to achieve, e.g. profit, growth, survival, providing a service, etc.

Back

Preview of the back of card 4

Card 5

Front

A mission statement is a brief summary of the main objectives a business or organisation has.

Back

Preview of the back of card 5
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