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Business Studies > Classification& Types of businesses: size > Flashcards

Classification& Types of businesses: size Flashcards

1
Q

Small, medium or large: Local mechanic

A

Small

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2
Q

Small, medium or large: Hairdressing salon

A

Small

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3
Q

Small, medium or large: Less than 20 employees

A

Small

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4
Q

Small, medium or large: Independently owned and operated usually one or two people

A

Small

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5
Q

Small, medium or large: Sole trader partnership

A

Small

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6
Q

Small, medium or large: services club

A

Medium

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7
Q

Small, medium or large: motel/ hotel

A

Medium

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8
Q

Small, medium or large: engineering factory

A

Medium

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9
Q

Small, medium or large: 20-199 employees

A

Medium

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10
Q

Small, medium or large: owned and operated by a few people and/or private share holders

A

Medium

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11
Q

Small, medium or large: Partnership

A

Medium

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12
Q

Small, medium or large: private company

A

Medium

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13
Q

Small, medium or large: Woolworths

A

Large

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14
Q

Small, medium or large: Qantas

A

Large

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15
Q

Small, medium or large: national Australia bank

A

Large

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16
Q

Small, medium or large: 200+ employees

A

Large

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17
Q

Small, medium or large: owned usually by thousands of public shareholders

A

Large

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18
Q

Small, medium or large: Public company (numerous)

A

Large

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19
Q

Small, medium or large: The owner is the source of finance either from saving or a loan

A

Small

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20
Q

Small, medium or large: Corner store

A

Small

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21
Q

Small, medium or large: Owner is responsible for majority of decision

A

Small

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22
Q

Small, medium or large: Usually a local area, not dominant in the industry

A

Small

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23
Q

Small, medium or large: Responsible for majority of the decisions but they are more complicated with slower implementation

A

Medium

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24
Q

Small, medium or large: Complex decision making, due to decision of responsibilities among directors, senior and middle management

A

Large

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25
Q

Small, medium or large: Owners/partners own saving or a loan and/or private shareholders; easier accessibility to larger loans

A

Medium

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26
Q

Small, medium or large: Many sources, including cash reserves, retained profit, sale of shares, and loans from domestic and overseas institution

A

Large

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27
Q

What is a local business?

A

A very restricted geographical spread; it serves the surrounding area

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28
Q

What is a national business?

A

One that operates within just one country

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29
Q

What is a global business?

A

A large business with a home base in one country that operates partially owned or wholly owned businesses in other countries

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30
Q

Local, national or global:

Newsagent

A

Local

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31
Q

Local, national or global:

Corner store

A

Local

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32
Q

Local, national or global:

Hairdresser

33
Q

Local, national or global:

Mechanic

34
Q

Local, national or global:

Pharmacy

35
Q

Local, national or global:

Coles

36
Q

Local, national or global:

David jones

37
Q

Local, national or global:

Sportsgirl

38
Q

Local, national or global:

Coca cola

39
Q

Local, national or global:

McDonald

40
Q

Local, national or global:

Toyota

41
Q

Local, national or global:

LG

42
Q

A business in which production is directly associated with natural resources

A

Primary industry

43
Q

A business that takes raw materials and making it into a finished it semi-finished product

A

Secondary industry

44
Q

Involves performing a service for other people

A

Tertiary industry

45
Q

Includes services that involve the transfer and processing of information and knowledge

A

Quaternary industry

46
Q

Includes all services that have traditionally been performed in the home

47
Q

What industry?

Farming

A

Primary industry

48
Q

What industry?

Mining

49
Q

What industry?

Fishing

50
Q

What industry?

Grazing

51
Q

What industry?

Forestry

52
Q

What industry?

Manufacture cars

53
Q

What industry?

Dentists

54
Q

What industry?

Banks

55
Q

What industry?

Retailers

56
Q

What industry?

Health workers

57
Q

What industry?

Education

A

Quaternary

58
Q

What industry?

Telecommunication

A

Quaternary

59
Q

What industry?

Computing

A

Quaternary

60
Q

What industry?

Hospitality

61
Q

What industry?

Tourism

62
Q

What industry?

Childcare

63
Q

What industry?

Craft based activities

64
Q

Refers to the process companies go through to becomes a separate legal entity from the owner/s

A

Incorporated

65
Q

Where the business entity and the owner are one and the same

A

Unincorporated

66
Q

A business that is owned and operated by only one person

A

Sole trader

67
Q

A business legal structure that is owned and operated by between two and 20 people, medical practitioners are allowed up to 50 partners, veterinarians etc are allowed up to 100 partners, and solicitors are allowed up to 400 partners.

A

Partnerships

68
Q

An incorporated business with between 2 and 50 shareholders, typically small to medium sized, family owned businesses

A

Private companies

69
Q

These are mostly large businesses in size and market a large range of products

A

Public companies

70
Q

Government owned and operated businesses. They are typically large and include some of the largest employees in Australia

A

Government enterprises

71
Q

What legal structure is this business?

—- pty ltd.

A

Proprietary limited,

It is a private company.

72
Q

What legal structure is this business?

Virgin blue

A

Public company

73
Q

What legal structure is this business?

JB HI FI

A

Public company

74
Q

What legal structure is this business?

QANTAS

A

Government enterprise

75
Q

What legal structure is this business?

Commonwealth bank

A

Financial services,

Government enterprise

76
Q

What legal structure is this business?

Telstra

A

Telecommunication..

Government enterprise

77
Q

Why may the size of the business influence choice of the legal structure?

A

To meet the higher level of customer demand, the business owner may need to select a more appropriate legal structure.

Small businesses are more suitable for a sole trader but as it gets larger you will need more in charge to help with further expansion.

78
Q

Why may the ownership structure influence the choice of legal structure?

A

If a business owners wants complete control then a sole trader is the best option

79
Q

How does finance influence the legal structure?

A

Sole traders and partnerships have unlimited liability, they will find it difficult to obtain adequate finance.
To raise the finance the business will decide to sell shares in the bussiness which then forms an incorporated legal structure and either a private or public company

Business Studies (9 decks)

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