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business 2

business enterpener

QuestionAnswer
ASIC australian securities and Investment Commission
DIVIDEND Shareholders a paid ______, which is their share of the company’s profits
LIMITED LIABILITY The shareholders are legally responsible for the debts of the company.
UNLIMITED LIABILITY The proprietor is legally responsible for the debts of a business.
LAWS A system of rules set by a council.
CAPITAL A form of money/assets that can be invested into a business.
EQUITY The value of shares issued by a company.
ENTREPRENEUR A person who organises and manages a business.
MARKET RESEARCH Gathering information about consumers’ needs and preferences.
TARGET MARKET A group of consumers at which a product or service is aimed.
SOLE TRADER I am the most common form of businesses organisation. I only have one owner.
ADVANTAGES OF A SOLE TRADER You are your own boss and you receive all the profits.
DISADVANTAGES OF A SOLE TRADER You are liable for all your debts.
PARTNERSHIP I start with between 2 and 20 people.
ADVANTAGES OF A PARTNERSHIP More money is in the businesses at the start. You get to share the workload.
DISADVANTAGES OF A PARTNERSHIP If a loss is made, you all have to pay. The profits are shared.
PUBLIC COMPANY I need a minimum of 5 shareholders to start. My shares are on the ASX.
ADVANTAGES OF A PUBLIC COMPANY Exists separately from owners. Limited liability.
DISADVANTAGES OF A PUBLIC COMPANY Can be more expensive to establish. You don’t get a choice in who invests.
PRIVATE COMPANY Can also be called a proprietary company.
ADVANTAGES OF A PRIVATE COMPANY You get to choose who invests in your business. Limited liability.
FRANCHISEE I sell the goods and services for a large company. I own my business and receive most of the profits.
ADVANTAGES OF A FRANCHISE Could be any form of ownership. Provided with planning, products, brand name and licenses.
DISADVANTAGES OF A FRANCHISE Franchisor takes some of the profits.
DEMOGRAPHICS Statistical data relating to the population and particular groups within it.
A company is a _______. LEGAL ENTITY
LEGAL ENTITY An individual, company, or organization that has legal rights and obligations.
SKILLS OF AN ENTREPRENEUR Critical, creative, practical.
CHARACTERISTICS OF AN ENTREPRENEUR Passionate, motivated, hard-working, adaptable.
4 P’S OF MARKETING Product, Price, Promotion, Place
PTY LTD Proprietary limited. The company has limited liability.
POSITIVES OF SOCIAL MEDIA Increases the market the company engages with. Reduces costs. Fast and easy to use.
NEGATIVES OF SOCIAL MEDIA Needs constant attention. Could have rapid spread of the wrong information.
COMPETITIVE ADVANTAGE A condition that puts a company in a favourable business position.
Created by: lilydwan
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