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Enterprise > Mid-term revision > Flashcards

Mid-term revision Flashcards

1
Q

what is meant by the term enterprise

A

a business organized by an entrepreneur who makes decisions and takes risks

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2
Q

what is meant by the term business enterprise

A

a type of enterprise that usually has profit as its main objective

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3
Q

what is meant by the term social enterprise

A

a type of enterprise that doesn’t usually have profit as its main objective

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4
Q

what is meant by the term risk

A

a possibility that evets in relation to an enterprise don’t turn out as expected

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5
Q

what is meant by the term innovative

A

the introduction of something new or different

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6
Q

what is meant by the term creative

A

the introduction of something original and imaginative, not imitated

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7
Q

what is meant by the term positive attitude

A

the tendency to be optimistic

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8
Q

what is meant by the term enterprise capabilities

A

skills and responsibilities of an entrepreneur like being innovative and having a positive attitude

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9
Q

how to be innovative in an enterprise

A

by coming up with new ideas/products

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10
Q

how to be creative in an enterprise

A

turning new and imaginative ideas into reality, to see the world in new ways

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11
Q

how to have a positive attitude in an enterprise

A

by being optimistic and seeing into the future of the company/enterprise and to always think in a positive way

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12
Q

what is meant by the term stakeholder

A

a person or group or organization with an interest in the activities of an enterprise

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13
Q

what are internal stakeholders

A

the members of the enterprise such as owners, employees etc.

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14
Q

what are external stakeholders

A

people from outside the enterprise like government, customers and suppliers

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15
Q

what are the different stakeholders

A

owners, suppliers, government, customers, managers, employees, community, financiers

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16
Q

what do the owners do in an enterprise

A

put money into the business and will get a share if the business succeeds, they are the risk takers

17
Q

what do customers do in an enterprise

A

buy the products of a business, most businesses make products according to the interest of the customers, because without them the company is nothing

18
Q

what do employees do in a business

A

get employed by the business and work under the manager, they need training to do their job properly

19
Q

what do managers do in a business

A

employed by the business, control the workers below them and take risks towards the company

20
Q

what do financiers do in a business

A

provide money to the business

21
Q

what do suppliers do in a business

A

provide materials for the business for the production of goods and services

22
Q

what is the governments role in a business

A

wants the business to succeed so they get tax income and want to create job s to increase the countrys income

23
Q

what is a positive impact of an enterprise on a local community

A

improves the quality of life of the local people by providing goods and services like food and clothes

24
Q

what is a negative impact of an enterprise on a local community

A

noise, pollution

25
Q

what is one way of enterprising at school

A

working in groups which can improve your social skills which is good for an enterprise

26
Q

what does the term sole trader mean

A

a business owned by one person

27
Q

what is meant by the term unlimited liability

A

the owner has to take all responsibility and is liable for all debts of the company

28
Q

what is meant by the term unincorporated business

A

no legal difference between the owner and the business

29
Q

what is meant by the term incorporated business

A

the business has a separate legal identity from the owner

30
Q

what is meant by the term partnership

A

when 2-20 people collaborate to own a business together

31
Q

what is meant by the term limited company

A

has a separate legal identity from its owners

32
Q

what is meant by the term partnership deeds

A

an agreement that states the formal right of parnters

33
Q

give 3 features of a sole trading business

A

its a business owned by 1 person, the sole trader takes all the profit, sole trader has unlimited liability

34
Q

give 3 features of a partnership

A

it is made up of 2-20 owners, profit is split between the owners, partners jointly take decisions

35
Q

give 2 advantages and disadvantages of a sole trading business

A

advantages:
the sole trader gets all the profit
it is easy to set up
disadvantages:
owners have unlimited liability
long working hours

36
Q

give 2 advantages and disadvantages of a partnership in a business

A

advantages:
liability is split between the owners
easy to set up
disadvantages:
profit has to be shared
partners have unlimited liability

37
Q
A

Enterprise (2 decks)

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