Business Foundations Flashcards
What is a sole trader?
An individual owner of a business who is entitled to keep all profits after tax however is liable for all losses.
What is a partnership?
Two or more owners of a business whose aim is to make profit.
What is a private limited company?
Shares can only be sold with the permission of the other shareholders.
What is a public listed company?
Shares are sold on a public exchange with a limitless number of shareholders for a business.
What is a social enterprise?
A type of business that distributes profits to benefit the community rather than the individual owner.
What is a GBE?
A business that is government owned and operated.
What are objectives?
Statements of desired achievement.
What are 5 common business objectives?
Profit
Fulfil a Social need
Improve Efficiency
Improve Effectiveness
Increase market share
