The Nature of Business

A disadvantage of a partnership...

What overall concept were the about true/false questions referring to?

Are you going to spend your weekend studying for this exam?

What is a challenge associated with the establishment stage?

Identify the internal influence

Types of establishment options include:

A partnership includes between 2 - 20 people

Why are businesses important to the economy?

How many employees does a large business have?

Quality of life refers to the amount of money you can earn

Identify a stakeholder

What sector is this image associated with?

Choice = the ability for consumers to purchase a range of products at a competitive price

What industry sector is Miss Perkovic a part of?

How many employees does a medium business have?

What is geographical spread?

Identify the external influence

Which is the sector which deals with the production of natural resources

Identify a type of legal structure

Entrepreneurship is the ability for a person to turn an idea + passions into a livelihood

An advantage of a sole trader...

Factors influencing choice of legal structure include:

Limited liability limit's owners' financial liability to the amount they paid for their shares

A global business can also be referred to as...

A stakeholder only includes the owners of a business

Identify a challenge associated with the growth stage

Profit is what remains after all business expense have been deducted from sales revenues

What is the general number of employees a small business will have?

Large businesses are usually owned by thousands of public shareholders

Innovation is the creation of a new product/service that did not previously exist