IB Business Management Unit 1.2(2024)

Define, Define, Define!

100

This sector is made up of businesses owned and controlled by individuals or groups of individuals.

What is Private Sector?

200

The meaning of 'nationalised corporations'.

What is "when the government buys out private sector organisation"?

300

An individual who is the single owner of the business.

Who is a "Sole Trader"?

OR "Sole Proprietor" 

400

Any organization that has aims other than making profit

What are 'non-profit organizations'?

We don't got cash.

100

Charities and pressure groups are a part of this social enterprise.

What is "Non-Profit Social Enterprise"?

200

These are two purposes of a charity.

possible answers:

- prevention of poverty

- advancement of education

- advancement of religion

- advancement of health

- advancement of citizenship

- advancement of art, culture, and heritage

- advancement of human rights

- relief of those in need

- advancement of animal welfare

300

This is a social charity that works to support and protect women in Bahrain.

What is "SHAMSAHA"?

400

This AWESOME public non-profit organisation helps support businesses and individuals in Bahrain.

What is "TAMKEEN"?

We're solely together

100

These are two disadvantages to sole traders.

possible answers:

• Unlimited liability – all of the owner’s assets are potentially at risk
• Often faces intense competition from bigger firms, e.g. food retailing
• Owner is unable to specialize in areas of the business that are most interesting – they are responsible for all aspects of management
• Difficult to raise additional capital
• Long hours often necessary to make business pay
• Lack of continuity- as the business does not have separate legal status, when the owner dies the business ends too.

200

If the owner is in debt, and his business is failing, the government has the right to take his personal possessions and properties to pay off the debt.

What is an "unincorporated business"?

300

A business is formed by two or more people to carry a business together. They share capital investment, and usually, shared responsibility.

What is a partnership?

400

When the death of an owner or director does not lead to the company’s break-up or dissolution.

What is "Continuity"?