Role of Business
The return or reward that business owners receive for producing products that consumers want.
Profit
A business with fewer than 20 employees is typically classified as this size.
Small Business
A business owned and operated by one person who has unlimited liability.
Sole Trader
Factors within a business's control, such as its location or choice of employees.
Internal Influences
The very first stage of the business life cycle where an idea is developed and sales begin.
Establishment Stage
This term refers to the number of people hired by a business to produce goods and services.
Employment
This industry sector involves the extraction of natural resources, such as farming or mining.
This legal structure usually consists of between 2 and 20 people who share profits and risks.
Partnership
Factors outside a business's control, such as changes in the law or the economy.
External Influences
In this stage, a business has a consistent high level of sales and loyal customers.
Maturity Stage
A person who sets up a business, taking on financial risks in the hope of making a profit.
Entrepreneur
This industry sector includes businesses providing "domestic" services like childcare or house cleaning.
Quinary Sector
A company that is listed on the Australian Securities Exchange (ASX) and can have any number of shareholders.
Public Company (Pty Ltd)
This external influence involves the impact of interest rates and consumer spending levels.
Economic Influence
The process of selling off a business's assets to pay back its creditors.
Liquidation
The money a business receives as payment for its products before expenses are deducted.
Revenue
A business that operates in only one location and serves the surrounding suburb is classified as this.
Local Business
This term means the owners' personal assets are protected if the business cannot pay its debts.
Limited Liability
The three main levels of government in Australia that act as legal influences on business.
Federal, State, and Local
The stage where sales begin to fall, which may lead to business cessation.
Post-Maturity (Decline) stage
The specific type of income received by shareholders.
Dividends
The industry sector that focuses on the transfer and processing of information and knowledge.
Quaternary Sector
A business structure where an individual buys the right to use the name and products of an existing business.
Franchise
"PIGS" is a common acronym for external influences; name what any three of these letters stand for.
Political, Institutional, Geographic, or Social
This occurs when a business is unable to pay its debts as they fall due.
Insolvency