Unit 1.1 Flashcards
(11 cards)
Whats the purpose of a business
Provide goods/services, meet customer needs, make profits
What are Business objectives
Survival, profit, growth, market share, ethical goals
Primary sector
Extract raw materials from the earth
Secondary sector
Manufacturing
Tertiary sector
Services (e.g Hotels)
Whats a mission statement
Overall purpose of a business
Whats a Sole Trader
A business owned and runned by one person, that person has unlimited liability
Whats a private limited company
a business whose shares are restricted, liability of shareholders restricted
Whats a public limited company
A company whose shares can be bought by any member of the public, shareholders also have limited liability
Revenue (Equation)
Price x Quantity Sold
Profit (Equation)
Total Revenue -Total Costs
