ao1 unit 3 Flashcards
limited liability
Having it’s owned legal identity the owners will not be personally liability for the debts of the company
unlimited liability
The business owners are personally liable for the debts of the company
Incorporation
Has it’s own legal identity and can sue or own assets in it’s own right
Board of directors
Group of people elected by a company’s shareholder to represent their interests
Sole Trader
A person who is self employed for a business
Partnership
A group of 2-20 people who own a business together
Private Limited Company
A business that is owned by the shareholders and are not listed on the stock exchange
Public Company
A business that is on the stock exchange, meaning it is open for investment for the public.
Government Business Enterprise
A business owned by the government that creates services that people need.
Social Enterprise
A business that wants to fulfill a mission, but by any means it is not a charity or foundation.
What is autocratic?
A management style that allows the leader to dictate of what the goals are and how they need/should be achieved.
What is persuasive?
A management style that is very similar to autocratic style but the leader persuades the employees of how the goals should be achieved.
What is consultative?
A management style where the leader goes to the employees for opinions before making a decision.
What is participative?
A management style where the leader shares the responsibility with the employees of making a decision.
What is Laissez-faire?
A management style where the employees are responsible for the decision making and operation of the business.
What is communication?
The transfer of information from the sender to the receiver.
What is delegation?
The transfer of authority and responsibility from a manager to an employee for specific tasks.
What is planning?
The process of thinking about strategies and tasks required to achieve the business objective as best as possible.
What is leadership?
Guiding the business and employees to reach the objective.
What is decision making?
The choosing of one course of action to another to achieve the business objective.
What is interpersonal?
Relationships and communication between people.
What is corporate culture?
The shared beliefs, views and values of a business.
What is official culture?
The values and beliefs a company tries to convey to the public. (in statements, logos, etc.)
What is real culture?
The actual values and beliefs a company has, this can be noted in how employees dress, talk to each other and relate to each other.
