business basics revision session

Tuesday, 12 January 2010Objectives

• Sit with someone who is on the other paper to you

• Mock results poor for some students• People struggling with the basics• School boy errors• 15 weeks to the exam

BBC

Library

Subway

Barclays Bank PLC

Shep’s Sheep Shearing LTD

ASDA PLC

Debden Park High School

Forest Independent School

54321...

• 54321......• 5 – Types of business ownership• 4 – Objectives of a business• 3 – Reasons a business would want to grow• 2 – Reasons the EU helps a business• 1 – Economy of scale

Types of business ownership

• ST – A sole trader is owned by one person. They have unlimited liability. An example of this would be Tracey’s Hairdresser.

• Partnership - A business owned by 2 to 20 people. They have unlimited liability unless they have LTD after their name. An example of a partnership would be the estate agent Bestow and Eves.

• LTD – A private limited company. They have limited liability. Shares are not openly traded. An example of this is Harrods LTD.

• PLC• Franchise• Coop

3 Marks.One for definition.One for extra infoOne for example

The difference between a private business and a public business is that a public business is owned by the Govt. A private is owned by

specific people.

The difference between a PLC and a public sector business is when shareholders can buy shares in a business. Public sector is owned by the Govt. E.g..