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TERM 2 STUDY CARDS > Business > Flashcards

Business Flashcards

1
Q

What is a form of ownership?

A

The legal position of the business and the way it is owned.

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2
Q

Give 2 factors to be considered when choosing a form of ownership.

A

-Risk bearing
-How capital is going to be raised.

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3
Q

What is the difference between profit and non-profit?

A

-The company’s only aim is to make a profit, A company incorporated for
financial gain for its shareholders.
-The company is made for charity purposes, A non-profit company is an association
incorporated not for gain.

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4
Q

Name 5 forms of ownership,

A

Sole trader, partnership, Close Corporation, Private company, Non-Profit Company.

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5
Q

What is a Sole trader and give one example?

A

A business that is owned and managed by one person(Photographer).

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6
Q

What is a partnership and give one example?

A

A business owned by multiple people(Redbull and GoPro).

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7
Q

What is a Close Corporation(CC) and give one example?

A

A business owned by a number of 1 to 10 people(Chick-Fil-A).

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8
Q

What is a Private Company(Pty Ltd) and give one example?

A

A business with between one or more shareholders(LEGO).

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9
Q

What is a Non-Profit Company(NPO) and give one example?

A

A business made for public benefit(Human rights campaign).

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10
Q

What is the meaning of a business opportunity?

A

It is an idea that can be converted into viable, income-producing business.

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11
Q

Give an example of a business opportunity.

A

Apple wanted to make more than just laptops so they started making phones.

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12
Q

What is market research?

A

The systematic research about the marketing goods and services.

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13
Q

Name the 2 types of market research.

A

Questionnaires and Interviews

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14
Q

What are questionnaires?

A

Questionnaires are designed to collect information from people about their preferences on certain things.

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15
Q

What are interviews?

A

Responses are collected from an individual or a group and may be recorded.

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16
Q

What is internal market research?

A

It is the research conducted from within the business.

17
Q

What is external market research?

A

It the research that is conducted from
outside the business.

18
Q

What is the meaning of a SWOT analysis?

A

It is used to help businesses make decisions by setting out information clearly in
order to only focus on important information.

19
Q

What does SWOT stand for?

A

Strengths Weaknesses Opportunities Threats

20
Q

What is the importance of conducting a SWOT analysis?

A

Businesses use this tool when making important decisions.
Businesses can use this tool during any stage of development.

21
Q

What is the meaning of a business plan?

A

A business plan is a written description of a prospective business.

22
Q

What is the importance of a business plan?

A

A business plan helps entrepreneurs to set goals and objectives.

23
Q

Name 5 components of a business plan.

A

Cover page, Contents page, SWOT analysis, Marketing plan, Financial plan.

24
Q

What is the vision statement?

A

A statement which describes how the business will achieve its purpose.

25
Q

What is the mission statement?

A

A statement which describes the purpose of the business and explains why the
business exists.

26
Q

What is the importance of a marketing plan?

A

It is a description of the market analysis including the target market.

27
Q

What is the importance of market research?

A

It is a process to understand more about customers’ needs.

28
Q

What are the 4 P’s of marketing?

A

Product, Price, Place, Profit

29
Q

What is the product?

A

It is a description of the product, appearance, and usage.

30
Q

What is the price?

A

The price of a product refers to the amount of money that must be paid by the consumer to obtain the product.

31
Q

What is the place?

A

The location where goods and services are sold.

32
Q

What is the profit?

A

The amount income made from selling goods.

TERM 2 STUDY CARDS (3 decks)

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