Unit 1 LO1 Flashcards

Front

Different sectors of operation

Back

Private, Public, Third sector

Front

Different forms of legal business ownership

Back

Sole trader, Partnership, Private limited company, Public limited company

Front

State/government owned

Back

A type of business ownership where the government has control and ownership.

Front

Community interest companies (CIC)

Back

Businesses that aim to benefit the community rather than private shareholders.

Front

Legal status

Back

A factor that determines the legal identity and structure of a business.

Front

Funding

Back

The financial resources needed to start and operate a business.

Front

Control/decision making

Back

The process of making strategic and operational decisions in a business.

Front

Legal/administrative requirements

Back

The necessary legal and administrative tasks needed to establish and run a business.

Front

Financial objectives

Back

Break-even, increase revenue, reduce cost, make profit

Front

Break-even

Back

A financial objective where total revenues equal total costs