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business managment > Types of business organisations > Flashcards

Types of business organisations Flashcards

1
Q

what are the types of business organisations

A

private sector
public sector
third sector

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2
Q

which sector is owned by private individuals

A

private sector

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3
Q

which sector is controlled by the owners or a board of directors

A

private sector

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4
Q

which sector is funded through personal investment, loans and he profits the business generates

A

private sector

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5
Q

what kind of business is owned and controlled by one person

A

sole trader

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6
Q

what is the name for when you are legally responsible for paying the debts of the business and if the business has not made enough money to pay its debts then the owner will need to use their personal savings to do so

A

Unlimited liability

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7
Q

which business has unlimited liability

A

sole traders and partnerships

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8
Q

what are the advantages of a sole trader

A

relatively easy to set up - no complicated legal documents
can make decisions quick
keeps all profits

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9
Q

disadvantages of a sole trader

A

no one to consult - which can be stressful
find it difficult to take time off or holidays
unlimited liability

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10
Q

what are owners of a partnership referred as

A

partners

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11
Q

how many partners in a partnership

A

2-20

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12
Q

what do soletrader business tend to be

A

small businesses

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13
Q

what do partnerships tend to be

A

professional practices

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14
Q

what is something that all partners have to decide on before setting up a partnership business

A

a partnership agreement

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15
Q

what does a partnership agreement include

A

how much capital each partner has put into the business
salary for each partner
profits given to each partner
key roles and responsibilities for each partner

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16
Q

advantages of a partnership 3x

A

different people have different skills
workload shared
larger amount of finance can be raised

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17
Q

disadvantages of a partnership 3x

A

disagreements between partners
profits have to be shared
unlimited liability

18
Q

what are private limited companied abbreviated to

A

LTD

19
Q

what are the owners of a private limited company called

A

a shareholder

20
Q

how do you get to be a shareholder in a LTD

A

you have to be formally invited

21
Q

does a LTD have limited or unlimited liability

A

limited liability

22
Q

what is a LTD controlled by

A

Board of directors

23
Q

what do a board of directors do

A

they oversee the running of the business

24
Q

what is something called when the profits of the business are divided between shareholders.

A

dividends

25
Q

advantages of being in a private limited company

A

can quickly raise money
keep control of the company
shareholders have limited liability

26
Q

disadvantages of a private limited company

A

takes a long time and has complicated legal documents
annual accounts must be published
profits have to be shared between shareholders

27
Q

what sector of organisation does the local government own

A

public sector

28
Q

who controls the public sector

A

elected officials
MSP
councillors

29
Q

how provides vital services for people in that area
and responsible for waste collection, street lighting and leisure facilities

A

councils/local authorities

30
Q

how is the public sector funded

A

Taxes

31
Q

who runs a council

A

elected officials known as councillors

32
Q

who owns a third sector organisation

A

no one in particular

33
Q

which type of business organisation sector is controlled by a board of trustees

A

third sector

34
Q

how is a third sector organisation funded

A

donations
fundraising activities

35
Q

who does a charity prove to be accepted as a charity

A

charity commission

36
Q

what does a charity have to do do be deemed as a charity

A

relieve poverty
advance religion
advance education
be beneficial to society

37
Q

what are - British heart foundation, Oxfam and dogs trust - examples of

A

charities

38
Q

what are - youth clubs, youth sports teams, scouts and brownies - example of

A

voluntary and community groups

39
Q

what exists to provide a service to people living in a certain area

A

voluntary and community groups

40
Q

what will an entrepreneur do before starting a business

A

create a business plan

41
Q

what has key information about a business and how it will operate

A

a business plan

42
Q

what is included in a business plan

A

the business idea
the aims and objectives
projected cost and profits
the target market
funding
location
marketing

business managment (9 decks)

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