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Business Unit 3/4 > Aos 1 > Flashcards

Aos 1 Flashcards

1
Q

Sole trader

A

One person who owns business

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2
Q

Partnership

A

2-20 who own business

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3
Q

Company

A

Separate legal entity from owners
Owners are shareholders

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4
Q

Private limited company

A

1-50 shareholders
Seen with Pty Ltd

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5
Q

Public Listed Company

A

Unlimited shareholders
Seen with Ltd

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6
Q

Social enterprise

A

Business that sells product/service for profit to put back into their cause to benefit community and/or environment

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7
Q

Government business enterprise

A

Government owned business
Make profit by carrying out government policies

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8
Q

Sole trader advantages and disadvantages

A

Advantages
- Simple and inexpensive
- owner has total control
Disadvantage
- harder to finance
- only owners knowledge and skills
- unlimited liability

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9
Q

Partnership advantages and disadvantages

A

advantages
- work load is split
- risk is shared
- inexpensive and simple
disadvantages
- arguments
- unlimited liability
- liable for other partners debt

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10
Q

Pty Ltd advantages and disadvantages

A

Advantages
- limited liability
- separate legal entity
- extra capital if issued more shares
disadvantages
- higher establishment costs
- higher complexity establishing
- more government control

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11
Q

Ltd advantages and disadvantages

A

advantages
- limited liability
- more capital by selling shares
- separate legal entity
disadvantages
- more accountability and compliance paperwork
- highly complex structure
- high establishment cost

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12
Q

Business objectives

A

Statements of wanted achievement which directs the business

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13
Q

Vision statement

A

Reflect direction and objective

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14
Q

Mission statement

A

Purpose for business

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15
Q

Values statement

A

Business’ values and principles

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16
Q

Financial business objective

A

Making a profit

17
Q

Marketing businesses objective

A

Fulfilling market need and increasing market share

18
Q

Social business objective

A

Fulfill social need

19
Q

Meeting shareholder expectation business objective

A

Share will increase in values because shareholders expect a dividend (% or profits)

20
Q

Efficiency objective

A

Best use of resources in production of good or services

21
Q

Effectiveness objective

A

How well business doing at what they say

Business Unit 3/4 (1 decks)

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