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Business > Classifying Businesses > Flashcards

Classifying Businesses Flashcards

1
Q

What are the four methods to classifying a business?

A

Legal structure, Size, Geographical spread, Industry Sector

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2
Q

What is a quantitive way to classify a business?

A

A quantitive way to classify a business is to measure it by the number of employees, owners and market share

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3
Q

What is market share?

A

The proportion of total market sales the business has compared to competitors

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4
Q

What is a to consider when seeing if a business is qualititive?

A

The owner provides most of the finance. The business has little control within the market. The business is locally based, its independently owned and operated. They also have less control of prices.

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5
Q

What are the 4 ways the business can be classified by size?

A

Micro, Small, Medium, Large

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6
Q

How many employees in a micro business?

A

Fewer than five employees

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7
Q

How many employees in a small business?

A

5-19 employees

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8
Q

How many employees in a medium business?

A

20-199 employees

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9
Q

How many employees in a large business?

A

200 or more employees

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10
Q

What are the 3 ways a business can be classified as according to geographical spread?

A

Local, National and Global

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11
Q

What is a local business?

A

A local business is a small to medium-sized enterprise that serves nearby consumers and operates within a limited geographical area.

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12
Q

What is a national business?

A

A business that operates within just one company and generally has more than one location within the business

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13
Q

What is a global business?

A

A national business may expand globally when the domestic market saturates, becoming a multinational corporation that operates extensively across multiple countries, beyond borders.

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14
Q

What are the 5 ways to classify a business based on industry?

A

Primary, Secondary, Tertiary, Quatenary, Quinary

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15
Q

What is primary production?

A

Businesses involved in the collection of natural resources

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16
Q

What is a secondary industry?

A

Secondary industry includes all those businesses that take the output of firms in the primary sector (raw materials) and process it into a finished or semi-finished product

17
Q

What is a tertiary industry?

A

The tertiary industry involves people performing a vast range of services for other people

18
Q

What is a Quaternary Industry?

A

The quaternary industry includes services that involve the transfer and processing of information and knowledge

19
Q

What is a Quinary industry?

A

Quinary industry includes all services that have traditionally been performed in the home

20
Q

What are the 4 ways to classify a business based of legal structure?

A

Sole trader, Partnership, Public Company and Private Company

21
Q

What type of businesses legal structure is incorporated?

A

Public Company and Private Company

22
Q

What type of businesses legal structure is unincorporated?

A

Sole trader and Partnership

23
Q

What legal structures are a separate legal entity from their owners?

A

Incorporated

24
Q

What legal structures are not a separate legal entity from their owners?

A

An unincorporated business has no separate legal existence from its owner(s) and will be either a sole trader or partnership

25
Q

If the companies legal structure isnt a seperate legal entity from their owner what happens when the owner dies?

A

So does the business entity

26
Q

How many owners in a partnership?

A

2-20 (some exceptions)

27
Q

What legal structures have unlimited liability?

A

Partnership and Sole trader

28
Q

Description of a company

A

Are incorporated and have limited liability which means they are separate legal entities to their owners, also do not cease to exist if one of the owners dies

29
Q

If its a private company what has to be after the name of the company?

A

Pty ltd (proprietary limited)

30
Q

How many shareholders for a private company (owners)

A

1-50

31
Q

If its a public company what has to be after the name of the company?

A

Ltd

32
Q

How many shareholders for a public company (owners)

A

At least one shareholder - no upper limit of shareholders

33
Q

What is a public companay listed on?

A

The Australian Securities Exchange (ASX)

34
Q

What is float?

A

the raising of capital in a company through the sale of shares to the public

Business (3 decks)

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