Name that Term
Business Ownership
Business Objectives
Classification of Businesses
100
Money earned from the sale of goods and services
Revenue
100
Business organizations owned and controlled by the state/government
Public Corporations
100
Financial security, survival, profit, sales, and increasing market shares are all examples of what type of business aim?
Financial objectives
100
These are examples of which industry sector?
Primary sector
200
Growing integration of world economies and markets
Globalisation
200
Huge assets (land, machinery, money), highly qualified managers, powerful advertising, up-to-date technologies, can exploit economies of scale are all features of what type of business?
Multinational Company
200
Which type of objectives aim to improve human well-being?
Social objectives
200
Which sector is associated mostly with professional services?
Tertiary sector
300
Financial advantages (reduced costs) of producing or buying something in large quantities
Economies of Scale
300
The following advantages are true for which type of business?
1. less risk for owner - tried and true business model/idea
2. back-up support is given
3. Predictable set-up costs
4. National marketing provided
Franchise
300
List 2 objectives that would be the most important for a small business owner?
1. Survival (financial)
2. Personal satisfaction/challenge
3. Independence or control
4. Financial security
300
Metal working, aerospace manufacturing, energy utilities, engineering and building, textiles production are examples of industries in which sector?
Secondary sector
400
Business owner(s) is/are only liable for the original amount of money invested in the business
Limited Liability
400
Advantages: shareholders have limited liability, control cannot be lost to outsiders, has more status than a sole trader
Disadvantages: financial information must be made public, costs money and time to set up this business, profits are shared between more members
These are advantages and disadvantages of which type of business?
Private Limited Company (Ltd)
400
List any two reasons a businesses objectives might change
1. Market conditions (new competition, etc)
2. Technology (automation, etc)
3. Performance (growing sales, growth, etc)
4. Legislation
5. Internal reasons
400
What is the term for the decline of manufacturing?
de- industrialization
500
In order to trade as a limited company, the company must receive this document
Certificate of Incorporation
500
List two advantages and two disadvantages of being in a partnership.
Possible Advantages: Easy to set up, no legal formalities, partners can specialise in their area of expertise, job of running the business is shared, more capital can be raised between partners, financial information is not required to be published/shared publicly
Possible Disadvantages: partners have unlimited liability, profits has to be shared, partners may disagree, partnership businesses tend to be small
500
Name 2 reasons having objectives is important for a business
1. Help to motivate employees, have something to work towards
2. Easier to assess performance if objectives/goals are set
3. Keeps a business focused, making decisions that align with set objectives rather than go adrift
4. Helps the business to make decisions or steps in their day to day or overall operation to have steady progress or a clear plan
500
As countries develop, which sector tends to shrink?
Primary sector