8 Feb NCC BUS Definitions so far

What is a Business

• a legally recognised organisational entity designed to provide goods and/or services to meet the needs of their customers.

• Good and/or services

• something that you can use or consume, like food or a car. Can be used just once (food) or many times (car). They are tangible

These are the factors of production: Capital, enterprise, land, labour

• True

• False

What am I?

Anyone with an interest in, or is affected by, a business

• Shareholder

• Stakeholder

For a business these are the usual objectives:

· Survival

· Profit maximisation

· Increasing sales – volume (numbers) value (revenue)

Expansion – to become a bigger business

• True

• False

What business structure am I?

Businesses are owned, controlled and financed by private individuals e.g. Sole Trader, Partnerships, Companies, Co-operatives, Franchises

• Private Sector

• Public Sector

• Voluntary Sector

• Sole Trader / proprietor

What business structure am I?

Financed by donations and set up to support good causes e.g. Oxfam, WWF

• Private Sector

• Public Sector

• Voluntary Sector

• Sole Trader / proprietor

What business structure am I?

Owned, financed and controlled by at least two owners (Usually between 2 and 20). The owners have unlimited liability. It is in the Private Sector of the UK Economy

• Private Sector

• Partnership

• Voluntary Sector

• Sole Trader / proprietor

What business structure am I?

Companies that are owned by shareholders. Shares can only be sold to friends or family not the general public They are in the Private Sector of the UK economy

• Private Limited Company (LTD)

• Public Limited Company (PLC)

• Unlimited Liability

• Limited Liability

What business structure am I?

Companies that have issued shares via a stock exchange to raise capital. They are in the Private Sector of the UK economy

• Private Limited Company (LTD)

• Public Limited Company (PLC)

• Unlimited Liability

• Limited Liability

What business structure am I?

If a business fails the owners risk their own personal assets. They can be sold to pay off the debts of the business

• Private Limited Company (LTD)

• Public Limited Company (PLC)

• Unlimited Liability

• Limited Liability