Introduction To Business Flashcards
Learn Key terms
Business
A organisation that produces goods or services
Organisation
Group, such as a club or business, that has formed for a particular reason
Goods
Toungable products
Services
Untongable products
Consumer goods
Goods and services sold to ordinary People
Producer goods
Goods and services produced by on business to another
Needs
Basic requirements for human survival
Wants
People desire for goods and services
Private sector
Business organisations owned by individuals or group of individuals
Public sector
Business organisations owned by central or local goverment
Stakeholder
An individual or a group Who is interested in or affected by the activity of a business
Entrepreneur
A person Who takes risks and sets up businesses
Costumer
An individual Who buys a products
Consumer
A person Who uses a product
Objectives
Goals or targets set by a business
Shareholders
Owners of limited companies
Large businesses
A business that employs more then 250 People
Small business
A business that employs less then 50 persons
Revenue
Money from the scale of goods and services
Unincorparated
Business where there is no legal difference between the owner and the business
Incorparated
Business that has a separate legal identity from that of its owners
Sole trader
Business owned by a single person
Unlimited liability
Owner of a business is personally liable for All business depths
Partnership
Business owned by between a 2 and 20 People
Deed of partnership
Binding legal document that states the formal rights of partners
Limited liability
Business owner is only liable for the original amount of money invested in the business
Merchindise
Goods that are being sold
Charities
Organisations that give money, goods or help to People Who are poor, sick or in need.
Limited liability (shareholders)
Shareholders are legally responsible for the depths of a company according to how many shares they own
Limited companies
Business organisations that have a separate legal identity from that of its owners
Private limited company (Ltd)
Privately held small business entity. Number of shareholders under 50. Shares Can only be sold to People You know. Limited company.
Public limited company (PBL)
Minimum share capital €50000, freely traded shares. Limited company.
Multinational company
Large business with significant production or service operations in at least two different countries
Arcticles of Association
Internal rules of running a company
Memorandum of Association
This sets out the constitution and gives details about the company.
Enternal stakeholder
Person Who takes part in a business
Enternal stakeholder
Person Who is affected by the activity of a business
