3.1 - nature of business Flashcards

1
Q

Corporate objectives

A

Goals of the business as a whole.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Functional objectives

A

Goals for each department.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Mission statement.

A

Overall purpose of a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

4 Different types of objectives

A

Profit, Growth, Survival and Cash Flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Not for profit business objectives?

A

Social and ethical

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Variable costs

A

Change with output.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Fixed costs

A

Don’t change with output.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Limited liability

A

Owners aren’t personally responsible for debt.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Unlimited liability

A

Business and owner are seen as one so business debts become personal debts of the owner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Sole trader

A

Individual trading in their own name. Self employed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Partnership

A

Two or more people working together.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Ltd (priv limited company)

A

Cant sell shares to the public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Public limited company (PLC)

A

Can sell shares to the public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Shares

A

Sold by companies to raise capital.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Market capitalisation

A

Total value of all shares issued by a company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

External environment factors

A

Market conditions, Competition, Interest rates, environmental, technological