refers to the business’s share of the total industry sales for a particular product
What is market share
100
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
100
A business with a very restricted geographical spread, it serves the surrounding area.
What is a local business
100
Occurs when the business owner is personally responsible for all the debts of his or her business
What is unlimited Liability
100
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
200
Refers to the process companies go through to become a separate legal entity from the owner/s
What is meant by the term Incorporated
200
The buying and selling of information and products via the internet
What is E-commerce
200
Involves taking a raw material and making it into a finished or semi-finalised product
What is the secondary industry
200
Involves performing a service for other people
What is the Tertiary Industry
200
The presence of a business and the range of its products -across a suburb, city, state, or country or the globe
What is geographical spread
300
Includes all those businesses in which a product is directly associated with natural resources
What is the primary industry
300
Includes services that involve the transfer and processing of information and knowledge
What is the Quaternary Industry
300
A company that has branches in many different countries.
What is Transnational (Multinational) Corporation (TNC)
300
Includes all services that have traditionally been performed in the home
What is Quinary Industry
300
A business that is owned and operated by only one person.
What is a Sole Trader
400
An incorporated business and usually between two and 50 shareholders
What is a Proprietary (Private) Company
400
A business that employs fewer than five people (including the owner).
What is a Micro Business
400
The process that companies go through to become incorporated, i.e. to become a registered company and a separate legal entity
What is meant by the term incorporation
400
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
400
A business that operates within just one country
What is a National Business
500
consists of businesses that are involved in similar types of production.
What is an industry
500
A franchise means buying the rights from another business to distribute its product under its name.
What is a Franchise
500
Government-owned and operated businesses
What is a Government Enterprise
500
The process of transferring ownership of a government business to the private sector
What is Privatisation
500
An individual or business that grants a franchise.