Business Y10

Commission

• Payment made to an employee linked to the number of sales made

• A fixed salary paid to employees regardless of performance

• A bonus given to employees for exceptional service

• A fee charged by a company for processing transactions

Public Corporation

• Owned and controlled by the state/central government

• Privately owned and operated for profit

• A non-profit organization funded by donations

• A partnership between private and public sectors

Social Enterprise

• A business that aims to improve human or environmental well-being

• A for-profit company focused solely on maximizing profits

• A non-profit organization that does not engage in business activities

• A government initiative to regulate businesses

Revenue

• Money from the sale of goods/services

• Expenses incurred in production

• Profit after taxes

• Investment income

Limited Liability

• When the business owner is only responsible for the original amount of money invested

• When the business owner is responsible for all debts of the business

• When the business owner can lose more than they invested

• When the business owner has no financial responsibility

Sole Trader

• A business owned exclusively by one person

• A partnership between two or more individuals

• A corporation owned by shareholders

• A non-profit organization

Globalisation

• Companies operating internationally across the world

• A process of cultural exchange between nations

• The increase of local businesses

• A method of reducing trade barriers

Legislation

• A law put in place to protect individuals or businesses

• A type of government regulation that restricts trade

• A set of guidelines for ethical business practices

• A document outlining the rights of citizens

Renumeration

• Money paid for work or a service

• A type of financial investment

• A method of calculating taxes

• A form of employee evaluation

Multinationals

• Businesses that operate in a single country

• Businesses that operate in more than one country

• Businesses that only export goods

• Businesses that only import goods