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Business Revision
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Business Unit 1 RevisionSole trader is a business owned by one person.
Unlimited liability is incurring liability that the owner of a
business is personally responsible for.
Limited liability is debt from the amount of money invested
into the business that the owner is liable to.
Human resources are responsible for recruiting the right
people with the required skills, qualifications, and
experience.
Organisational Structures: Flat structure, tall structure,
Hierarchical, Function, Centralised, Decentralised and Matrix.
The finance department is responsible for organising the
company’s overall finance.
The marketing department is responsible for promoting the
business to generate sells and help the company grow
overtime.
Customer service is responsible for providing support and
assistance to the customers.
The operations department is responsible for controlling the
processes of production.
Distribution is taking products to different places.
A charity needs to make a surplus to keep the business
running.
Tertiary is linked with selling.
The primary sector is a business that produces raw materials.
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