Business Basics (Prior Learning)
This is an organisation that provides goods or services to generate revenue.
What is a business?
A business that reinvests revenue into a social cause instead of distributing profits.
What is a not-for-profit business?
The person who owns and operates a sole trader business.
Who is a single business owner?
The maximum number of shareholders a private company can have.
What is 50?
The biggest advantage of a sole trader.
What is full control over business decisions?
The main goal of a profit-based business.
What is making money for owners or shareholders?
The full term for "GOC".
What is a Government-Owned Corporation?
The biggest financial risk a sole trader faces.
What is unlimited liability?
The abbreviation "Ltd" stands for this term in a public company.
What is limited?
The main reason why a partnership might be better than a sole tradership.
What is shared responsibility and expertise?
A group of people or entities who have an interest in a business and are affected by its operations.
What are stakeholders?
A government-owned business that operates commercially, such as Australia Post.
What is a Government Business Enterprise (GBE)?
The advantage of a partnership that allows owners to share responsibilities.
What is shared workload and financial risk?
The reason public companies sell shares on the stock exchange.
What is to raise capital for business expansion?
High regulation, loss of control, or expensive operating costs.
What is a disadvantage of a public company.
Business type refers to the purpose (profit, non-profit, GOCs, GBEs), while a business structure refers to the legal ownership model (sole trader, partnership, company)?
What is the difference between a business type and a business structure.
A profit-based business aims to make money for owners, while a not-for-profit focuses on a social cause
What is the key difference between a profit-based business and a not-for-profit business.
A type of business that is commonly a sole trader.
What is a hairdresser, café, or tradesperson?
A private company restricts share sales to approved investors, while a public company can sell shares to the general public?
What is he key difference between a private company and a public company?
The most suitable business structure for a fast-growing tech startup.
What is a private company (Pty Ltd)?
The term for when business owners are not personally responsible for company debts.
What is limited liability?
To provide essential public services or operate commercially while remaining under government ownership
What is the reason why governments create and run GOCs and GBEs.
An example of an Australian public company that trades on the ASX.
What is Commonwealth Bank, Woolworths, or Telstra?
To retain control, avoid stock market pressure, and reduce legal reporting obligations?
What is the main reason a company might choose to remain private instead of becoming public.