basics Flashcards
to remember basic parts of business
What are the main types of business ownership?
Sole trader, partnership, private limited company (Ltd), public limited company (PLC), cooperative, franchise.
Who is an entrepreneur?
An individual who creates, organizes, and operates a business, taking on financial risks to do so.
What are common business objectives?
Profit maximization, growth, market share, customer satisfaction, sustainability, social responsibility.
What is a sole trader?
A business owned by two or more people who share responsibility and profits.
What is a private limited company (Ltd)?
A company owned by shareholders with limited liability, whose shares are not publicly traded.
What is a public limited company (PLC)?
A company whose shares are publicly traded on a stock exchange and can be bought by the general public.
What is a franchise?
A business model where a franchisee buys the rights to operate under the franchisor’s brand and system.
What is a cooperative?
Profit maximization, growth, market share, customer satisfaction, sustainability, social responsibility.
Who are stakeholders in a business?
Individuals or groups affected by or having an interest in the business’s operations, such as employees, customers, suppliers, and shareholders.
What is Corporate Social Responsibility (CSR)?
A business’s approach to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.
