BTEC business level three Flashcards
to help me with my business work helps make it more neater and concise also keeps it in one place so that it is easy for me to access it
What is the AIM of a PRIVATE SECTOR BUSINESS?
to make a profit
What is the AIM of PUBLIC SECTOR BUSINESS?
to provide a service examples are the NHS, The Police and schools these firms do not aim to make a profit as they are ran by the government.
Are Voluntary and charitable business not for profit or for Profit ?
not for Profit
What is a partnership and what Liability does it have?
A partnership is a business which is owned by two or more people. In a partnership the owners have unlimited liablity
what is meant by Limited Liability?
Limited Liability is for companies/businesses who are Public Limited Companies(PLC’S) or Private Limited Companies(LTD). If there is a bank loan which needs to be paid and the owners of the company cant repay all of the amount or some of it then there Personal assets do not go to waste.Companies which have Limited Liability do not lose any of there own personal belongings if the business is at risk such as their cars our Houses this means only the goods which are in the business are at risk. in addition firms with Limited Liability have to pay a type of tax called corporation tax.
what is meant by unlimited Liability?
Businesses owners with Unlimited Liability such as Sole traders and people who are in a partnership have unlimited Liability this means that if the business has a bank loan but can not pay back the bank loan or one of their payments the bank can cease any of their personal belongings such as their house,their car and any of their other personal valuable belongings to pay back their remaining amount.
what is the meaning of the word “tangible”?
Tangible means something that can be touched for example a ruler
what is the meaning of the word “intangible”?
Intangible means something that can not be touched such as a bus or train service
what is the primary sector?
The Primary Sector sources the raw materials which are going to be used in the Secondary Sector. Miners and Fishermen are in the Primary Sector.
What is the Secondary Sector?
Processes the raw materials produced by the Primary Sector into goods which can be sold for example Carpets a job could be a carpenter.
What is the Tertiary Sector?
In the Tertiary Sector the Goods which are manufactured in the Secondary Sector are sold
what is the definition of a local business?
A Local business is a business which is owned locally and serves just the local area
what is the definition of a local business?
A Local business is a business which is owned locally and serves just the local area such as an independent village shop or perhaps a local pub which is owned by residents.
What is the definition of a National business?
A national business is a business which operates across the whole of the United Kingdom
What id the definition of an International business?
An international business is a business which is worldwide.
