A formal summary of the aims and values of a business
What is a mission statement
100
An individual who has developed certain ideas and is wiling to take a risk to make a profit
What is an entrepreneur?
100
A business with less than 20 employees or less than 100 employees in the manufacturing industry
What is a small business?
100
A business that has between one and 50 owners (shareholders)
What is a private company?
100
The final stage of the business life cycle.
What is the post-maturity phase
200
The central or core activity of the business
What is the Prime Function?
200
A business that operates within one area.
What is a local business?
200
The type of legal structure for a business that allows for:
- 50 owners in vet practices and pharmacies
- 200 owners in accountancy and legal practices
- 50 owners in other professional occupations.
What is a partnership?
200
The industry in which a business uses raw material, combined with labour and capital to create a finished product.
What is a secondary industry.
200
The industry in which businesses provide information services to their customers.
What is the quaternary sector?
300
A framework for decision making for a business
What is a business plan?
300
The areas outside the control and operations of a business, but can directly influence the business.
What are external influences?
300
The liability of a sole trader or partnership.
What is unlimited liability
300
Occurs when the owner of a business decides to cease its operations.
What is voluntary cessation?
300
A business where someone pays for the right to use an established business's name and business formula.
What is a franchise?
400
business that are traditionally performed in the home. For example, Childcare centres.
What is the quinary sector?
400
The sector responsible for providing resources for production.
What is the Primary Sector.
500
A company's decision to release a new range of foods aimed at higher-end consumers would be seeking to fulfill which role of business