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igcse business acg > Workbook 3 > Flashcards

Workbook 3 Flashcards

1
Q

Sole trader

A

The business in owned and operated by one person

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2
Q

Partnership

A

A group with 2 - 20 people who own and run a business together

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3
Q

Unincorporated business

A

No separated legal identity.

Client can sue your company and you/make you sell your own assets

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4
Q

Liability

A

The level of risk in a company

Low

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5
Q

Unlimited liability

A

The risk is very high so everything is risky

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6
Q

Deed of partnership

A

A written document showing who is responsible for what and who has contributed more

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7
Q

Memorandum of Association

A

A document that contains all the important information about a business and it’s owners.
Also contains it’s goals

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8
Q

Private sector

A

Sector that consists of privately owned businesses who’s goal is to make a profit

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9
Q

Public sector

A

A sector that consists of government owned businesses that are operated by the government and paid for by taxes.

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10
Q

Sole trader advantages

A

-Few legal regulations to set up the business
-They are their own boss
-Has the ability to choose their own holidays
-Has the insentive to work hard as all the profits are theirs
-Doesn’t have to give out private information
-

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11
Q

Sole trader disadvantages

A

The business stops when you are away
Unincorporated so you can be personal sued
Unlimited risk

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12
Q

Partnership advantages

A 
If one owner is away then the business keeps running
Partners can discus options
More work is done
More ideas about the company
More capital
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13
Q

Partnership disadvantages

A

There can be disagreements between partners
Must share profits
Unincorporated can be sued personally
Unlimited risk

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14
Q

Public limited company

A

A company has at least two shareholders and can sell shares to anyone on the stock market through stock exchange

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15
Q

Private limited company

A

Has one or more shareholders and will only sell shares to people known to the company or existing shareholders

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16
Q

Shareholder

A

Someone who partly owns a business by investing in it

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17
Q

Accounts payable

A

We owe money😣

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18
Q

Accounts rrceivable

A

people owe us money😁

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19
Q

Incorporated business

A

Has a separate legal identity

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20
Q

Private limited company

Advantages

A

More capital

Divorce of ownership and control as shareholders appoint directors

21
Q

Private limited company

Disadvantages

A

Must register with companies house
Legal documents
Accounts must be visible to community
Must pay dividends

22
Q

main reason companies decide to go public?

A

To get more capital to be able to expand and grow

23
Q

Franchise

A

An agreement by one company with another business to permit the sales of its goods and services using its trademark and brand. e.g Nike and rebel sport

24
Q

Franchisor

A

An existing, usually well known company with an established identity, market and brand name

25
Q

Franchisee

A

A sole trader/partnership/limited company that buys the right to use the business name, brand name, production methods and promotional material

26
Q

Joint venture

A

A contractual agreement between two or more organisations to share the expertise, investment, management, cost, profits and risks of running a new business
e.g Japanese and the harbor bridge clip on lanes

27
Q

Franchise advantages

A
  • Popular
  • Cheaper than starting a new business
  • Get free advertisement from the main company
  • Customer loyalty
  • Quality control for the customer
28
Q

Franchise disadvantages

A
  • Must share a percentage of profits to with main company
  • Could put a bad name on the company
  • Costs a lot to set up
  • Must follow the strict guidelines from the main company
29
Q

Joint venture advantages

A
  • Gets expertise

- More capital invested

30
Q

Joint venture disadvantages

A
  • Disagreements
  • Must share profits
  • Cultural issues
31
Q

Venture capital

A

Capital provided for a business by people or groups usually for a share in the business and profits.
e.g. shark tank, dragons den

32
Q

Dividens

A

The amount of money paid to the shareholders based on the profit of the business/limited company

33
Q

Centralised

A

Keeping all decisions within the head office or the center of the organisation

34
Q

Decentralised

A

Decision making powers and passed down the organisation to empower subordinates and regional manergers

35
Q

Hierarchy

A

The layers of management and command in the organisations (family tree sort of)

36
Q

Chain of command

A

The line of management and authority in a hierarchical organisation

37
Q

Function

A

Departments e.g. accounts, marketing, sales, production

38
Q

Delegation

A

The process of assigning tasks and the authority to carry them out to subordinates

39
Q

Subordinates

A

The people/employees/workers below someone

40
Q

Organisational structure

A

How roles, responsibilities and management authority are allocated within an organsiation

41
Q

Span of control

A

The number of subordinate staff that a manager serpervises

42
Q

Internal communication

A

Communication between people in the same organisation

43
Q

External communication

A

Communication with people outside the organisation

44
Q

Medium of communication

A

Methods of communication used

45
Q

Feedback

A

A response provided during two way communication from the receiver to the sender

46
Q

Two way Communication

A

Both sender and receiver are involved in the communication process allowing a discussion

47
Q

Features for effective communication

A
  • Clear
  • Appropriate
  • Cost effective
  • Available/accessable
48
Q

Agenda

A

A to-do list. A list of items to be discussed at a meeting

49
Q

Memorandum

A

A note or recording to remind, prompt, or inform someone

igcse business acg (5 decks)

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