3.1 What is business? Flashcards
Define aims, objectives& Missions. And what is the relationship between them?
Mission Statement is .
Difference between functional objectives& and corporate objectives?
Functional- By department
Corporate- Business as a whole
Define smart?
Specific Measurable Agreed Realistic Timely
Name 5 common objectives
Profit Growth Survival Cash flow Ethical Social
Define short-termism
Short-termism is a short term solution. LTD’S may be forced to take this approach by shareholders.
Define Public sector
Government run
Define sole trader
An individual trading in there own name
Name 3 advantages & disadvantages of being a sole trader
Advantages: Freedom Profit Simplicity Saving on fees
Disadvantages: Risk Time Expertise Finance Vulnerability Unlimited liabilty
Define ltd and some of it’s features
An ltd is a private limited company.
Can’t sell shares on stock market so shares less appealing
Shareholders may not sell shares without agreement of other shareholders
No minimum share capital required
Name 3 advantage and disadvantages of being a private ltd company
Advantages:
