AICE Business Unit 1

name of the company/address/maximum share capital/declared aims of the business.

comprises businesses owned and controlled by individual or groups of individuals

business formed by two or more people/shared capital investment/shared responsibility

people/groups who can be affected by/have an interest in any action by an organization.

an acronym which can be used to provide a more comprehensive definition of goal setting.

death of an owner/director does not lead to dissolution; ownership transfers to the inheritance

manufacture/process products from natural resources, ex. computers/brewing/baking/construction.

limited company/a large business with the legal right to sell shares to the general public

business organization that owns/controls a # of separate businesses but does not unite them

deciding which item to purchase, the item consumers give up

business in which one person provides that permanent finance/has full control/keeps all profits

document covers the internal workings/control of the business/ex: names of directors/procedures

small/med business/own by shareholder/member of same family/can't sell shares to general public

a person or institution owning shares in a limited company

corporate company which has to follow certain rules and regulations

engages in farming/fishing/oil extract natural resources/used and processed by other firms

comprises organizations accountable to/controlled by central or local government

a business that uses the name, logo and trading systems of an existing successful business

production, distribution or trade of goods and services within a geographical location.

liability/potential loss a shareholder has if the company fails is the amount invested

a moral or legal duty to perform or to not perform some action

provides services to consumers/other businesses; retailing/transport/banking/hotels, tourism

appropriate strategy, detailed plan of action, goal/target a business strives to achieve.

a business enterprise owned and controlled by the state - also known as nationalized.

view that businesses/managers have responsibilities to a range of groups, not just shareholders

business with social objectives that reinvest most of its profits into benefiting society

three objectives of social enterprise (economic, environmental, social)

common forms of organizations w/ certain features; all members run business/share work/vote