A business with a very restricted geographical spread, it serves the surrounding area.
What is a local business
100
A franchise means buying the rights from another business to distribute its product under its name.
What is a Franchise
100
Occurs when the business owner is personally responsible for all the debts of his or her business.
What is unlimited liability
100
Refers to the process companies go through to become a separate legal entity from the owner/s.
what is Incorporated
100
A document giving details of a company and inviting the public to buy shares in it.
What is a Prospectus
200
The raising of capital in a company through the sale of shares to the public
What is a Float
200
Involves performing a service for other people.
What is tertiary industry
200
Involves taking a raw material and making it into a finished or semi-finalised product.
What is secondary industry
200
– Commonly referred to as a transnational corporation (TNC), is a large business with a home base in one country that operates partially owned or wholly owned businesses in other countries.
What is a global business
200
– A feature of a corporate ownership that limits each owner’s financial liability to the amount of money he or she has paid for the business’s share.
What is limited liability
300
Government-owned and operated businesses.
What is a Government Enterprise
300
An industry consists of businesses that are involved in similar types of production
What is industry
300
– A business that operates within just one country
What is a national business
300
The process that companies go through to become incorporated, i.e. to become a registered company and a separate legal entity.
What is incorporation
300
An individual or business that purchases a franchise.
What is a Franchisee
400
An individual or business that grants a franchise.
What is a Franchisor
400
– The buying and selling of information and products via the internet.
What is E-commerce
400
A business that is owned and operated by only one person.
What is a sole trader
400
Includes all those businesses in which a product is directly associated with natural resources.
What is primary industry
400
An incorporated business and usually between two and 50 shareholders.
What is a Proprietary (Private) Company
500
The process of transferring ownership of a government business to the private sector
What is Privatisation
500
Includes all services that have traditionally been performed in the home.
What is a Quinary Industry
500
A legal business structure that is owned and operated by between two and twenty people with the aim of making a profit.
What is a partnership
500
– Includes services that involve the transfer and processing of information and knowledge.
What is a Quaternary Industry
500
– Money that is invested in small and sometimes struggling businesses that have the potential to become very successful.