Business structures
What do you call a business owned and operated by one person.
Sole trader
What type of Business has Limited Liability?
A private and/or public Company
A person who takes risks and starts a business not necessarily to make a profit.
An entrepreneur
A person who legally owns part of a public business entity
A shareholder
Are Opportunities and Threats related to the internal or external business environment?
External
What do you call a business in which the owners share profits and losses equally.
Partnership
What does Pty Ltd stand for?
Propriety Limited
Something that businesses are always searching for or must take advantage of.
Competitive Advantage
When owners of a business can be held personally liable.
Unlimited liability
What is a key advantage to being a Sole Trader?
Freedom and Independence.
Keeps all the profit.
Makes all the decisions.
What do you call a business viewed as a separate legal entity.
A company
What is an example in Australia of an oligopoly?
Coles/woolworths, Australian banks, Telecommunications companies
Are Strengths and Weaknesses concerned with the internal or external environment of the business?
Internal
When investors are not personally liable for business debts.
Limited liability
What is an entrepreneur with corporate social responsibility (CSR)
Someone who starts a business with the aim or solving social problems or effecting social change.
What is an example of a differentiation strategy?
Product, Service or Quality
What is an example in Australia of a monopoly?
Australia Post
What term is used to describe a businesses ability to have control over a particular market?
Market Power
What is the name given to a business which is listed on the sharemarket?
Public company
Name 3 ways a business can innovate.
Product, Process and Business model
What are 2 ways a business can gain a competitive advantage?
Changing Costs and Differentiating their product.
What is the name of an international fast food franchise founded by an individual with a military designation.
KFC
Do Sole Traders and Partnerships have limited liability?
No
Business that is legally separate from its owners and has most of the legal rights of an actual person.
A company
Are risk taking and courage, attributes of an entrepreneur?
Yes