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Businesss revision Flashcards

1
Q

Define an Objective

A

a short term target that will help you to achieve an aim, and it must be measurbale

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2
Q

examples of objcetives?

A
  • develop 2 new products
  • increade customers satisfaction
  • reduce employee turnover
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3
Q

define the term aim

A

propose or intend, long term and not easily measurbale.

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4
Q

why does a business need aims?

A

to expand and develop

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5
Q

financial

A

aims focused on profit and finance, moneh wise, increase market share, opening branches and number of employees. for example: surviving, profit, growth, financial security

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6
Q

non finacial

A

focuses more on the sagtisfaction of the services. foe example: helping charities, customers satisfaction

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7
Q

financial security

A

the owner wantong the business to be stable

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8
Q

financial objectives:

A

survival, growth, profit, increase in market share, financial security

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9
Q

non finacial objectives

A

social objetives, personal satisfaction, challenge, independece + control

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10
Q

smart objectives

A

short term targets that are very precisive, realistic, attainable, and time related

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11
Q

as a business develops or evolves its objectives are likely to chnage mainly due to….

A

external and internal influences

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11
Q

what should a 3 mark structure involve

A

1- point
2- because
3- leading to

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12
Q

explain why do businessess aims chnage over time. (3) marks

A
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13
Q

menaing of legislations

A

the making or giving of laws

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14
Q

why do aims and objectives change?

A
  • technology
  • met tagets already
  • legislation
  • internak reaons
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15
Q

what is firm

A

a private organization

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16
Q

How might the size of a business be measured?

A

Business size is typically measured by the number of employees, annual turnover, market share, or total assets

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17
Q

What is a sole trader?

A

a single person who own the bsuienss and makes all the decisons and gets all the profit

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18
Q

define a partnership

A

2-20 people work in a a partnership, more skills and ideas, shared profit

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19
Q

for what orgnization is the 2-20 rule allowed to break?

A
  • lawyers
  • medical association/medical field
  • engineers
    architects
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20
Q

what is a sleeping partner?

A

a sleeping partner , is a not active role day-to-day, someone who has contributed financially to the business set up. invest moeny in the business and profit is given to him

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21
Q

what is a deed of partenership?

A

a deed of partnership is a contract that must be arranged. this contract will include all the info of the business and the two individuals parts and what each contributes in the business.

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22
Q

how should a six marker look like?

A

2 points, context
- market
- situation
- product
5 link srands, details

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23
Q

what does the law state with the deed of partnership?

A

both indivisuals will be the same if theres no deed of partnership

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24
Q

who sets up a private limited company?

A

sole traders or partnerships that want to grow their business but still being safe in a way where if their business goes bankrup, the individuals dont have to sell their personal belongings. but u will loose the money invested in the business

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25
Q

in private limites comapany whos seperated?

A

you and the busienss are two different properties

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26
Q

what is a private limited company owned by?

A

shareholders, people who own the business within a limited company

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27
Q

who runs the company in private limited companies?

A

board of direction

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28
Q

company is a sepperate legal entity from you true or false

A

true

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29
Q

why people might not to sign as a private limited company?

A
  • takes time to set up,as there are a lot of documents, contracts and registrations
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30
Q

what can you loose in private limited companies

A

you can loose your business and everything under that name.

31
Q

minimum of shareholders in private limites companies?

A

3

32
Q

who mainly runs to private limites companies?

A

families, that want to do a family business

33
Q

define what is meant by:
prodcut
market
situation

A

product- what the business sells ex.. apple sells technology like ipads, phones and macbooks
market- who goes to buy in the business, ex…apple: people who are techonology fans and can afford to buy from there.
sitution- what the goals might be of that business. ex… apple: more customers, more updated phones, more ideas etc….

34
Q

What is a sole tarder?

A

a single person that own a business and have unlimited liability

34
Q

what is unlimited liability?

A

unlimited liability simply means that when an individual doesnt have enough money to pay off the debt of the business, the individual has to sell their personal belongings etc a car in order to pay back

35
Q

advatges of a sole trader?

A
  • owner gaining all the profit
  • flexability, can adapt to changes more easily
  • faster decision making as there is no need to consult with anybody
  • easy to set up
36
Q

disadvanatges of a sole trader?

A
  • isolation, cant consult with anobody his ideas
  • lack of ideas
  • unlimited liability
  • sruggle to raise finace
  • too many responsabilities
37
Q

what is a partnership?

A

business owned between 2-20 people

38
Q

there is an exception for the 20 parters rule, who is ti for?

A
  • lawyers
  • engineers
  • medical practices
  • banks - financial institution
39
Q

what is the deed of partnership?

A

it is a legal document that is needed by teh government about the details of a business

40
Q

what does a deed of partneship contain?

A
  • personal infimation of the partners
  • sharing looses and profit
  • selling partnership conditions
  • new parteners joining
41
Q

what is a sleeping partner?

A

a person thar doesnt have an active day-to-day running the business, but conttributed financially to set up the business

42
Q

what type of liability does a sleeping partner have?

A

limited liability and we can remeber this as a sleeping partner is also called limited partner

43
Q

what is a private limited company?

A

LTD- its a company where you are only allowed to shares with family, friends and people you know

44
Q

who owns a private limited comapny?

A

shares owned by that family that own it. business owned by shareholders and run by the directors

45
Q

what do you have to do if you have a private limited company?

A

AGM, anuual general meeting

46
Q

Shareholders

A

Someone who owns (shares) within a limited company​

46
Q

A Share

A

is basically a piece of paper that says that the holder owns a part of a company.​

47
Q

Board of directors

A

Voted by shareholders to run the business​

48
Q

Dividends –

A

a share of the companies profits given back to shareholders​

48
Q

Annual General meeting

A

An annual meeting for shareholders held by limited companies​

49
Q

advanatges of a limited company

A

you will loose eveyting under the name of the business or the moeny that was put in the business, nothin else

  • More capital can be raised as no limit on shareholders (more money to expand)​

Control of company cannot be lost to outsiders as shares only sold to friends & family.​

Continuity of business if owners dies​

​

50
Q

what is a franchise

A

a franchise is the right given to someone by one business to other busiensses to sell goods using their name

50
Q

formation of limites copanies

A

Memorandum of Association – gives details about the company (shares/address). ​

​

Articles of Association – Internal rules of the business.​

51
Q

disadvanatges of a limited company

A

limited companies can be more expensive to set up and run than other business structures, and you may have less control over your business depending on the people involved.

The shareholders are ultimately in charge of the business.​

Difficult to set up due to formation process​

52
Q

what is stock exchange?

A

Stock Exchange - a market in which shares are bought and sold.​

So… Shareholder can buy & sell their shares on the stock Exchange. ​

​

E.g. Apple is a Plc so shares can be sold and bought by ANYONE.​

52
Q

what is a public limited company

A

PLC- PLC is the only type of company allowed to be quoted on the Stock Exchange.​ shares can be bought and old by anyone

53
Q

disadvantges of public limites companies

A

Any profits must be shared out amongst all the shareholders.

Control of company can be lost – if someone owns 51% of shares they will control the business.​

ANYONE can buy shares on the stock exchange.

54
Q

what is an independent business

A

free from otside world

55
Q

what is there usually in a franchise?

A
  • an intitial set up fee - can be costy
  • a % of sales is paid annualy (royalties)
56
Q

who are the people involved in a franchise?

A

franchisor- the person who 0riginally developed the business and trading name

framchisee- person who buys the right to use the well known business name

57
Q

what does a franchisee required to do?

A
  • required to invest money according to the franchse license and setting up of the business- set up fee
  • has to pay propotion of sales on a regualr basis- royalties- mus be pay regardless of the profit
58
Q

advantages of a franchise

A
  • advertising paid from franchisor
  • right to own eqipment to do the well job
  • tried and tested business model
59
Q

disadvanatges of a franchise

A
  • cost to buy franchise
  • have to follow franchise model
  • less flexability and con trol of franchise
  • hve to pay a persentage of revenue (royalties) to the franchiosr on a regular basis
  • lmited decision making
59
Q

what is a social enterprise?

A
  • organisaition that operates on a
  • not profit basus
  • or profit based in whoch is invested back into the services they offer
60
Q

benefits of a soocial enterprise

A
  • better image- public recognition and trust
  • funding
  • tax relief
61
Q

drawbacks of a soocial enterprise

A
  • hard to find voluntary workers
  • cannot raise mooney through investemnets
62
Q

what is a public coorporation?

A
  • legal entities that are owned by government

company whose shares are traded freely on a stock exchange.

63
Q

adv of public coorporation?

A
  • provide employment for eveyone
  • source of income for government
  • provide products at cheap prices
64
Q

disad of public coorporation?

A
  • expensive to maintain and run
  • political interference on their operations
  • operate loss
  • can be a waste of respurces
65
Q

what is a multinantional corporation?

A

companies that have other companies outside its home country

66
Q

what is a transnational corporation?

A

enterprise that operates around the world but not own any assets outide their home country

67
Q

social enterprise is a n

A

not for profit business

68
Q

multintional operate in more then

A

1 country

69
Q
A

Business (15 decks)

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