Business Studies Flashcards
What are the four business resources
- Land,
- labour,
- capital,
- enterprise
What does ltd stand for
Private limited company
What is unlimited liability
Your personal asset are at risk while owning a business
What is a sole trader and what is an advantage of being one
A sole trader is someone who owns a business by themselves
- An advantage is that the owner keeps all the profits
- Cheap and easy to set up
- Owner makes all the decisions
- Close link it’s suppliers and customers
- Business finance can be kept private
What is a plc
A public limited company is a company owned by shareholders from the general public
What is a partnership
A business ran by 2 - 20 people
What is a micro business
A business with fewer than 10 employees and a profit turnover of less than 1.7 million
What is a small business
A business with a maximum of 50 employees and a profit turnover of les then 5.6 million
What is a medium business
A business with maximum of 250 employees and profit turnover of less than 22.8 million
What is a large business
A business with more than 250 employees and a profit turnover of more than 22.8 million
What is a public sector business
A business owned and controlled by the government
