types of business
What are the 2 types of companies
private and limited
what is leading
Leading is the ability of a manager to influence and motivate people towards the achievement of business objectives.
what is making a profit
The surplus remaining after total costs are deducted from total revenue A.K.A revenue - expenses
what is a sole trader
business where one owns and operates the whole business entirely
what is delegation
Delegation is the process where authority and responsibility is passed down from a manager to an employee.
what are market shares
Market share is an organisation’s percentage of total sales within their industry
What is the difference between private and limited company
private company is a business that is owned by private shareholders and not available for the public. while public shares can be purchases and sold on the open market such as ASX
what are the three levels of planning
strategic
tactical
operational planning
what are market and social needs
providing products and services which meet the desires of a group of customers
Focuses on improving the community and environment through its business activities
is the cotton-on group a public or private company
private
what is decision making
Decision making is the process of choosing a course of action from a range of alternatives. Managers need to use the information available to them to try and make aaan appropriate decision.
what are shareholder expectations
Shareholders are people who have invested a sum of their own money into the business by purchasing shares. They expect an income from the business in dividends or hope to sell their shares at a higher price
what are 2 disadvantages of a social enterprise
difficult to obtain finance to begin with.
it can be difficult to focus on both social and financial objectives.
what are the 6 steps to decision making
identify the problem
gather information
develop alternatives
analyse
choose and implement
evaluate
what is the difference between efficiency and effectiveness
efficiency is the best use of resources in the production process of goods and services.
while effeteness is the degree to which a process or system succeeds in achieving business objectives.