Finance Flashcards
(15 cards)
What is a Public Sector ( government funded )
Organisations that is owned, financed and controlled by the state through the gov
What is a private sector ( privately funded )
Business owned by individuals and shareholders. Also are financed by private money from shareholders
Examples of a public sector
BBC
NHS
West Herts Collage
Examples of a private sector
Sole traders and franchise
What is a third sector
registered charities which is owned by individuals
Advantages and disadvantages of government dep and agencies
Advantages : No shares
Government support so will not go bankrupt.
Disadvantages : Lack of employees
political interference can occur
What does LTD stand for
Limited company ( usually on the back of vans )
What does PLC stand for
Public limited company
Examples of PLC
Tesco
Roles Royce
Examples of an LTD
Apple
Nike
What is a sole trader
A company that is owned by one person and they can employee workers. They also have to put money into there business
Advantages and disadvantages of a sole trader
Advantages : less legal restrictions
keeps profit
Disadvantages : long hours
Can get overworked
Definition of a partnership
A business owned by at least 2 people and they are usually responsible for any dept they may get into
Advantages and disadvantages of a partnership
Advantages : Work is shared
Finances are kept private
Disadvantages : profits are shared
bound by a shared decision
Differences between a private limited company (LTD) and a public limited company (PLC)
