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CHAPTER 2
BUSINESS MANAGEMENT
| Question | Answer |
|---|---|
| List down three type of organization | Privatee sector Public sector Non-profit -based organizations |
| private sector | businesses owned and controlled bu individuals or groups of individuals |
| public sector | organization controlled by central or local government |
| non-profit-based organizations | focus on serving a social, cultural, educational or charitable purpose |
| ownership of public sector | owned and funded by the government |
| objective of public sector | provide essential services and promote public welfare NO maximize profits |
| funding | taxes, government budgets, public funding |
| employment | civil servants or public officials |
| private organization consist of: | sole traders, partnerships, limited companies, cooperatives |
| describe sole trader | business owned and operated by just one person |
| why sole trader remain small? | owner want to remain in control of their business, limitations thy hav in raising additional capital |
| what is partnership in private organization, | group or association of at last two people who agre to own and run a business together |
| what is a limited company in private organization? | has its own legal identity, seperate from the people who own or run it th company own property, enter contracts, and be sued, on its own name |
| what does it man by "limited" in the limited company? | owners only responsible for the company's debts up to the amount they invested, not their personal money or property |
| types of limited companies | private limited company (ltd) public limited company (bhd) |
| what does it mean by private limited company? | owned by small group of people shares ARE NOT sold to the public for small and medium businesses |
| what does it mean by public limited company? | sell shares to the public on the stock market larger businesses more rules and transparency are required |
| what is cooperatives? | business organization owned and operated by a group of individuals who share common economic, social, or cultural needs |
| how do cooperatives being democratic? | one member, one voe despite how many they contribute |
| named three types of coop? | retail cooperative agricultural cooperative worker cooperative |
| who own the cooperatives? | the members |
| how do cooperatives share the profits? | the profits are shared among the members, usually on how much they used it |
| what is the goal of cooperative? | to help the members, not gaining profits |
| describe non- profit organization | organization that aims other than making and distributing profits |
| types of non-profit organization | mission-driven no profit distribution tax exemptions governed by a board funded by donations and grants |
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