Businesss revision
No description yet. This curated deck is ready for daily study.
Card preview (24)
Define an Objective
a short term target that will help you to achieve an aim, and it must be measurbale
examples of objcetives?
• develop 2 new products • increade customers satisfaction • reduce employee turnover
define the term aim
propose or intend, long term and not easily measurbale.
why does a business need aims?
to expand and develop
financial
aims focused on profit and finance, moneh wise, increase market share, opening branches and number of employees. for example: surviving, profit, growth, financial security
non finacial
focuses more on the sagtisfaction of the services. foe example: helping charities, customers satisfaction
financial security
the owner wantong the business to be stable
financial objectives:
survival, growth, profit, increase in market share, financial security
non finacial objectives
social objetives, personal satisfaction, challenge, independece + control
smart objectives
short term targets that are very precisive, realistic, attainable, and time related
as a business develops or evolves its objectives are likely to chnage mainly due to….
external and internal influences
what should a 3 mark structure involve
1- point 2- because 3- leading to
explain why do businessess aims chnage over time. (3) marks
menaing of legislations
the making or giving of laws
why do aims and objectives change?
• technology • met tagets already • legislation • internak reaons
what is firm
a private organization
How might the size of a business be measured?
Business size is typically measured by the number of employees, annual turnover, market share, or total assets
What is a sole trader?
a single person who own the bsuienss and makes all the decisons and gets all the profit
define a partnership
2-20 people work in a a partnership, more skills and ideas, shared profit
for what orgnization is the 2-20 rule allowed to break?
• lawyers • medical association/medical field • engineers architects
what is a sleeping partner?
a sleeping partner , is a not active role day-to-day, someone who has contributed financially to the business set up. invest moeny in the business and profit is given to him
what is a deed of partenership?
a deed of partnership is a contract that must be arranged. this contract will include all the info of the business and the two individuals parts and what each contributes in the business.
how should a six marker look like?
2 points, context - market - situation - product 5 link srands, details
what does the law state with the deed of partnership?
both indivisuals will be the same if theres no deed of partnership