Businnes Stud Flashcards
Good
A product a customer can buy
Customer
A person that buys a product
Entrepreneur
An entreprenuer is a person who is willing to take risks involving starting a business
Service
A service is an intangible product
Consumer
A person who uses a good or a service
Social enterprise
A business that helps society instead of making profit
Business
An orginisation that provides a good or a service
Resources
The inputs that businesses use to provide their goods or services
Enterprise
Another word for business. It refers to the skills of people involved in the business to identify business opportunities and bring together resources to meet these opportunities.
Interest
Is the money paid by banks as are reward to attract people to save with them
Aim
An “aim” is a general goal of a business
Objective
An “objective” is a specific target that is set for a business to achieve
plc (public limited company)
can advertise its shares and can be listed
(also called ‘quoted’) on the Stock Exchange. It must have a share capital of
over £50,000.
ltd (private limited company)
cannot publicly advertise its shares for sale
and is often owned by family members. In a private company, it is possible
to place restrictions on whom shares can be sold to
Unlimited liability
means that the personal Possessions of the owners of a business are at risk if there are any problems. There is no limit to the amount of money the owners may have to pay out.
