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Business Studies > Classification& Types of businesses: size > Flashcards

Classification& Types of businesses: size Flashcards

1
Q

Small, medium or large: Local mechanic

A

Small

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2
Q

Small, medium or large: Hairdressing salon

A

Small

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3
Q

Small, medium or large: Less than 20 employees

A

Small

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4
Q

Small, medium or large: Independently owned and operated usually one or two people

A

Small

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5
Q

Small, medium or large: Sole trader partnership

A

Small

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6
Q

Small, medium or large: services club

A

Medium

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7
Q

Small, medium or large: motel/ hotel

A

Medium

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8
Q

Small, medium or large: engineering factory

A

Medium

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9
Q

Small, medium or large: 20-199 employees

A

Medium

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10
Q

Small, medium or large: owned and operated by a few people and/or private share holders

A

Medium

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11
Q

Small, medium or large: Partnership

A

Medium

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12
Q

Small, medium or large: private company

A

Medium

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13
Q

Small, medium or large: Woolworths

A

Large

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14
Q

Small, medium or large: Qantas

A

Large

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15
Q

Small, medium or large: national Australia bank

A

Large

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16
Q

Small, medium or large: 200+ employees

A

Large

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17
Q

Small, medium or large: owned usually by thousands of public shareholders

A

Large

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18
Q

Small, medium or large: Public company (numerous)

A

Large

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19
Q

Small, medium or large: The owner is the source of finance either from saving or a loan

A

Small

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20
Q

Small, medium or large: Corner store

A

Small

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21
Q

Small, medium or large: Owner is responsible for majority of decision

A

Small

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22
Q

Small, medium or large: Usually a local area, not dominant in the industry

A

Small

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23
Q

Small, medium or large: Responsible for majority of the decisions but they are more complicated with slower implementation

A

Medium

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24
Q

Small, medium or large: Complex decision making, due to decision of responsibilities among directors, senior and middle management

A

Large

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25
Small, medium or large: Owners/partners own saving or a loan and/or private shareholders; easier accessibility to larger loans
Medium
26
Small, medium or large: Many sources, including cash reserves, retained profit, sale of shares, and loans from domestic and overseas institution
Large
27
What is a local business?
A very restricted geographical spread; it serves the surrounding area
28
What is a national business?
One that operates within just one country
29
What is a global business?
A large business with a home base in one country that operates partially owned or wholly owned businesses in other countries
30
Local, national or global: Newsagent
Local
31
Local, national or global: Corner store
Local
32
Local, national or global: Hairdresser
Local
33
Local, national or global: Mechanic
Local
34
Local, national or global: Pharmacy
Local
35
Local, national or global: Coles
National
36
Local, national or global: David jones
National
37
Local, national or global: Sportsgirl
National
38
Local, national or global: Coca cola
Global
39
Local, national or global: McDonald
Global
40
Local, national or global: Toyota
Global
41
Local, national or global: LG
Global
42
A business in which production is directly associated with natural resources
Primary industry
43
A business that takes raw materials and making it into a finished it semi-finished product
Secondary industry
44
Involves performing a service for other people
Tertiary industry
45
Includes services that involve the transfer and processing of information and knowledge
Quaternary industry
46
Includes all services that have traditionally been performed in the home
Quinary
47
What industry? Farming
Primary industry
48
What industry? Mining
Primary
49
What industry? Fishing
Primary
50
What industry? Grazing
Primary
51
What industry? Forestry
Primary
52
What industry? Manufacture cars
Secondary
53
What industry? Dentists
Tertiary
54
What industry? Banks
Tertiary
55
What industry? Retailers
Tertiary
56
What industry? Health workers
Tertiary
57
What industry? Education
Quaternary
58
What industry? Telecommunication
Quaternary
59
What industry? Computing
Quaternary
60
What industry? Hospitality
Quinary
61
What industry? Tourism
Quinary
62
What industry? Childcare
Quinary
63
What industry? Craft based activities
Quinary
64
Refers to the process companies go through to becomes a separate legal entity from the owner/s
Incorporated
65
Where the business entity and the owner are one and the same
Unincorporated
66
A business that is owned and operated by only one person
Sole trader
67
A business legal structure that is owned and operated by between two and 20 people, medical practitioners are allowed up to 50 partners, veterinarians etc are allowed up to 100 partners, and solicitors are allowed up to 400 partners.
Partnerships
68
An incorporated business with between 2 and 50 shareholders, typically small to medium sized, family owned businesses
Private companies
69
These are mostly large businesses in size and market a large range of products
Public companies
70
Government owned and operated businesses. They are typically large and include some of the largest employees in Australia
Government enterprises
71
What legal structure is this business? ---- pty ltd.
Proprietary limited, | It is a private company.
72
What legal structure is this business? Virgin blue
Public company
73
What legal structure is this business? JB HI FI
Public company
74
What legal structure is this business? QANTAS
Government enterprise
75
What legal structure is this business? Commonwealth bank
Financial services, | Government enterprise
76
What legal structure is this business? Telstra
Telecommunication.. | Government enterprise
77
Why may the size of the business influence choice of the legal structure?
To meet the higher level of customer demand, the business owner may need to select a more appropriate legal structure. Small businesses are more suitable for a sole trader but as it gets larger you will need more in charge to help with further expansion.
78
Why may the ownership structure influence the choice of legal structure?
If a business owners wants complete control then a sole trader is the best option
79
How does finance influence the legal structure?
Sole traders and partnerships have unlimited liability, they will find it difficult to obtain adequate finance. To raise the finance the business will decide to sell shares in the bussiness which then forms an incorporated legal structure and either a private or public company

Business Studies (9 decks)

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