Types of organisation / sectors of business Flashcards

1
Q

What are the three types of business ownerships?

A

Private, public and voluntary/third sector

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2
Q

Who are private sector organisations owned by?

A

Individuals

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3
Q

What are private businesses driven by?

A

Profit

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4
Q

Where do private sectors get their money from?

A

Private money from shareholders and bank loans

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5
Q

Who are public sector organisations owned by?

A

Government

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6
Q

What do public sectors provide?

A

Services and goods

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7
Q

Where do public sectors get their money from?

A

Taxes

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8
Q

Who are third sector businesses run by?

A

Volunteers and trustees

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9
Q

What are third sector organisations driven by?

A

To help the community

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10
Q

Where does profit from third sector businesses go?

A

Reinvested into the community

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11
Q

What are the different types of private organisations?

A

Sole trader, partnership, private limited company

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12
Q

What is a sole trader?

A

Business owned by one person

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13
Q

What are the advantages and disadvantages of a sole trader?

A

A : Keep all profit to themselves
Easiest of all partnerships
D : Difficult to raise finance
Unlimited liability

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14
Q

What is a partnership?

A

A business with between two and twenty owners

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15
Q

What are the advantages and disadvantages?

A

A : Different partners bring different skills
Workload is shared
D : Unlimited liability
Profit shared between partners

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16
Q

What is a PLT?

A

Business with investors and shareholders

17
Q

What are the advantages and disadvantages of a PLT?

A

A : They only loose initial stakes if company fails
If fails, everyone is protected by the laws of a PLT
D : Must be registered
High set up costs

18
Q

What is the difference between skills and qualities?

A

Skills are something a person is good at
A quality is something a person has