POB Flashcards
What is an erntrapneur
a person/risk taker that starts a business in hopes of making a profit
what is assurance
assurance is financial protection against something that is bound to happen. eg. Death
what is insurance
financial protection against something that might happen. eg Car Crash
what is a contract
A contract is a legally binding agreement between two or more parties
what are the 7 elements of a contract
Offer, acceptance, consideration, Good faith, authority, capacity, and certainty.
WHAT ARE SOME WAYS A CONTRACT CAN BE FORMED?
Written Contracts,Oral Contracts,Implied Contracts,Unilateral Contracts
WHAT IS THE PURPOSE OF INSURANCE?
To uphold the principle of indemnity
WHY START A BUSINESS?
Reasons to start a business include financial independence, being your own boss, using one’s skills, and self-fulfilment.
what are the 4 P’s of Marketing
price product place production
types of productions
subsistence, domestic consumption, surplus and export.
what is a stakeholder
A stakeholder is any person or group of people that has an interest in the. business and its activities.
Roles of stakeholders
The primary role of stakeholders is to define business goals and develop plans that help them achieve those goals.
What is a specialty contract
A specialty contract is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt
what are the ways a contract can be terminated
Contract expiration,Breach of contract,Mutual agreement,Impossibility of performance
,Termination by expiry,
Termination for convenience,
Rescission,
Completion of contract
why is documentation important in a business
Documentation is essential to quality and process control
