1.2 types of organisations

Question 1

public sector

Answer 1

owned by the governmen

Question 2

private sector

Answer 2

not owned by the government

Question 3

sole trader

Answer 3

a business owned by a single individual

Question 4

sole trader - stock market, liablity?

Answer 4

not listed, limited liability

Question 5

partnership

Answer 5

a business owned and run by a group of 2-20 people

Question 6

sleeping partner

Answer 6

someone who invests in but does not run a partnership, has limited liability

Question 7

deed of partnership

Answer 7

a legal document formalising agreements such as how profits and losses are shared and the roles of partners

Question 8

unlimited liability

Answer 8

full legal and financial responsibility

Question 9

company

Answer 9

a type of business which is a separate legal entity

Question 10

separate legal entity

Answer 10

where a company is considered as independent to the individuals that own it

Question 11

private limited company - stock market, share ownership?

Answer 11

not listed, shares can only be owned by friends and family

Question 12

private limited company examples

Answer 12

cotton on, ikea

Question 13

public limited company

Answer 13

listed on the stock market

Question 14

public limited company examples

Answer 14

telstra, woolworths group

Question 15

corporation

Answer 15

a large public limited company with tax advantages

Question 16

corporation examples

Answer 16

disney, mcdonald’s

Question 17

multinational company

Answer 17

operates and has a base in more than one country

Question 18

divorce between ownership and control

Answer 18

where a company is owned by shareholders but run by a board of directors

Question 19

cooperative

Answer 19

a business that is owned by its members and managed in their interest

Question 20

microfinance provider

Answer 20

a financial service aimed at helping disadvantaged entrepeneurs

Question 21

examples of people who benefit from microfinance providers

Answer 21

women, the disabled, the unemployed

Question 22

public-private partnership

Answer 22

a hybrid organisation between the public and private sector

Question 23

non-governmental organisation

Answer 23

provide goods and/or services normally expected from the public sector (often when they are under-provided by governments)

Question 24

ngo examples

Answer 24

unicef, world vision

Question 25

charity

Answer 25

provide voluntary support for ‘good’ causes