Exam (elaborations)
Business & Management Exam Questions And Accurate Answers
- Course
- Institution
Business & Management Exam Questions And Accurate Answers...
[Show more]
Content preview
Business & Management Exam Questions AndAccurate Answers
Goods = physical/tangible products for example burgers and cars
Services = non tangible products for example hairdressing and legal advice
Tangible = Something you can touch
Physical Resources = Natural resources found on the planet.
Financial Resources = Access to money needed to set up, and then maintain/expand a
business. Loans, investments, savings, profits.
Primary Sectors- Answer Natural resources such as raw materials, oil, water, etc.
Secondary Sectors - Answer manufacturers, humans, construction, etc
Tertiary Sectors - Answer transportations, hospitals, entertainment, etc.
Quaternary Sectors - Answer Knowledge, Career/Occupation, IT, etc.
Wants - Answer Things that we would like to have but we don't need to survive. Holidays,
music, perfume.
A high % of businesses failing is because. - Answer businesses did not carry out a SWOT
and create a strategic plan
What is a business plan needed for? (internally) - Answer -help firms keep on track
, -allow staff to know what the business is trying to achieve
-provides direction for the future (goals)
-measuring success/ identifying failure
What is a business plan needed for? (externally) - Answer -attract investment to the
business
- bank loans
Limited Liability-Answer company has limited liabilty will not loose personal assets if the
business fails
Unlimited liability - Answer sole traders & partnerships owners are liable for the
liabilities of the business if it fails.
Sole Trader - Answer - 1 owner
A person owning and running a private business
Has unlimited liability
-makes all the decisions
Cannot easily take time off-no one else to do the job
Partnership - Solution - 2-20 owners
Specialisation- lawyers, doctors, architects, accountants
more people to make decisions and more potential for conflict with those decisions
ability to generate more profit
must share that profit with partners
Private Limited (Pty Ltd) - Solution - Limited Liability
Owners are called shareholders
Public not able to buy shares
Separate legal existence from owners
Public Limited - Owners are known as shareholders
Shares can be publicly purchased.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now