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Business Unit 1 > L01 > Flashcards

L01 Flashcards

1
Q

Name a disadvantage of partnerships

A

Complications of partners joining or leaving

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2
Q

Name 3 Business operations

A

1)private
2)public
3)third

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3
Q

Name an advantage of unincorporated associations

A

Offers a democratic structure with flexibility

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4
Q

Name an advantage of partnerships

A

Easy to set up
(Deed is advised)

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5
Q

Chain of production

A

The process by which a production is transformed from raw materials into a finished product, ready to be eaten

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6
Q

What form must be filled in to become a limited company?

A

Form IN01

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7
Q

Partnership

A

A formal agreement between two or more parties to manage and operate a business and share its profits

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8
Q

Define a company limited by guarantee

A

members give a guarantee to pay an agreed sum should the business go into administration

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9
Q

Define broad of directors

A

A board of directors is made up of elected or appointed members

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10
Q

define community interest company

A

A special form of non charitable limited company
which exists to primarily benefit a company

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11
Q

Define Companies House

A

Official registration of limited companies . the documents are set out to companies house

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12
Q

Define deed of partnership

A

An agreed legal document which outlines how the partnership will run - recommened

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13
Q

Define Limited Partnership

A

Where one partner has unlimited liability and oversees and runs the business

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14
Q

Disadvantage of private limited company

A

Shares can only be sold privately

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15
Q

Disadvantage of sole trader

A

Reluctant to give finance as it’s risky

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16
Q

Define Incorporated Business

A

Owners and Business have a legal difference

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17
Q

Define Liability

A

Legal responsibility

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18
Q

Define diviend

A

Left over profit payed to shareholders

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19
Q

Disadvantage of unincorporated associations

A

extra capital may be harder to obtain

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20
Q

Advantage of soletrader

A

the profits are solely owned to the individual

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21
Q

How many people are required to set up a PLC?

A

1 person

22
Q

Limited Liability

A

The business and ownership are separate

23
Q

Partnership

A

A formal agreement between two or more parties to manage and operate a business to share its profits

24
Q

Private limited company

A

Shares are only for family and friends

25
Q

Public limited company

A

Shares are available on stock market

26
Q

Sole trader

A

A business where it’s owned by one individual

27
Q

Unincorporated associations

A

An organisation set up though an agreement of people who come together for another reason other than to make profit

28
Q

Unincorporated associations liability

A

Not separate legal entity
No difference between owner snd Business

29
Q

Unlimited Liability

A

The owner and the Business are the same entity

30
Q

What 2 documents must be filled for a limited company?

A

1)The articles of association
2)Memorandum of association

31
Q

Who owns a private limited company?

A

Shareholder

32
Q

Who controls a private limited company?

A

Director

33
Q

Paper - sampled material

Business provides goods inferior quality compared to that of it’s competitors. What is this?

section a - Multiple choice - Question 8

1 mark

A

Business weaknes

34
Q

Paper - sampled material

What is a combination of objectives for a third organisation

section a - multiple choice - question 18

1 mark

A

Increase revenue, reduce costs

35
Q

Paper - sampled material

What is not a source of finance avaliable for a sole trader?

Section a -Multiple choice-Question 16

1 mark

A

Share issue

36
Q
A
37
Q

The term ‘delegation’ refers to:

A

passing responsbility for a task to a subordinate

38
Q

What is a key feature of the public sector organisation?

A

It is funded by taxation

39
Q

Define state/goverment-owned organisations

A

A business owned by state and controlled by the goverment and it operates in the public sector

40
Q

Name 2 advantages of a state/goverment-owned organisations

A

1)Availability of funds

2)wide range of expertise

41
Q

Namw 2 disadvantages of the state/goverment-owned organisation

A

1)bureaucratic

2)inflexible procedures

42
Q

Define registered charities/not for profit

A

A business with chairtable status

43
Q

Give an advantage of registered charities

A

1)Tax advanatges/exemption

2)Direct control of business aims

44
Q

Give a disadvantage of registered chairites

A

1)strict charitable status test
2)financial accounts not private

45
Q

Define community interest company

A

A cic is a company set up by the private individuals to benefit society, rather than make a profit

46
Q

Give an advantage of Community interest companies

A

1)No dividens to pay
2)Any profit is reinvested into the Business

47
Q

Give 2 disadvantages of a community interest company

A

1)Must pay income tax
2)finacial accounts not private

48
Q

Define income tax

A

Tax imposed on peoples personal income

49
Q

What does have a seperate legal entity mean?

A

Seperate legal entity means the business can sue, and be sued

50
Q

Who is responsible for decision-making in a public limited company?

A

directors

51
Q

A Public Limited Company has:

a-unlimited liability
b-must hold an AGM
c-pays income tax
d-requires a deed of partnership

A

b - must hold an AGM

All public limited companies must hold an AGM meeting as it’s compulsory

Business Unit 1 (8 decks)

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