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BUSINESS MANAGEMENT DEFINITIONS AND QUESTIONS WITH 100% CORRECT ANSWERS
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BUSINESS MANAGEMENT DEFINITIONS AND QUESTIONS WITH 100% CORRECT ANSWERS
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BUSINESS MANAGEMENT DEFINITIONS ANDQUESTIONS WITH 100% CORRECT ANSWERS
Services (define) - non-tangible products such as hairdressing and legal advice
Tangible - something you can touch
Physical Resources - natural resources that can be found on the planet
Financial Resources - access to money needed to set up and maintain/expand a business.
Loans, investments, savings, profits.
Primary Sectors - Natural resources (such as, raw materials, oil, water, etc...)
Secondary Sectors - Manufacturers, Humans, Construction, etc...
Tertiary Sectors - Transportation, Hospitals, Entertainment, etc...
Quaternary Sectors - Knowledge, Careers/Occupations, IT, etc...
Wants - things we would like to have, but don't need to survive. Holidays, music, perfume.
A high percentage of businesses failing is because... businesses did not carry out a SWOT and
- create a strategic plan
What is a business plan needed for? (internally) - -help firms keep on track
-allow staff to know what the business is trying to
achieve -provides direction for the future (goals)
, -measuring success/ identifying failure
What is a business plan needed for? (externally) -attract investment to the business
- - to access bank loans
Limited Liability A company has limited liabilty- it will not lose personal assets if the business
- fails
Unlimited liability - sole traders & partnerships- owners are liable for the liabilities of the
business if it fails.
Sole Trader - - 1 owner
- A person owning and running a private business
- Has unlimited liability
-makes all the decisions
-Difficult to take time off (no one else to do the work)
Partnership - - 2-20 owners
- Specialisation- lawyers, doctors, architects, accountants
-more people to make decisions, but more potential for conflict with those
decisions -ability to generate more profit
-must share that profit with partners
Private Limited (Pty Ltd) - - Limited Liability
- Owners are called shareholders
- Public not able to buy shares
- Seperate legal existence from owners
Public Limited - -Owners are called shareholders
- Shares can be bought publicly
- Controlled by the Board of Directors
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