7961222
Description
Flashcards by Annie Zhang, updated more than 1 year ago
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Created by Annie Zhang
about 7 years ago
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| Question | Answer |
| Sole Trader | * individual operating * sole person legally responsible + simple, cost-effective, gives owner all decision making power - unlimited liability |
| Partnership | * 2 to 20 ppl * governed by Partnership Act of 1958 *requires separate TFN + simple, cheap, shared ideas and workload - unlimited liability - conflict |
| Private Limited | * incorporated (separate legal identity) * divided into shares * not listed on ASX + limited liability + no money lost if stock falls - complex and expensive eg. VISY, Linfox |
| Public Listed | * shareholders who own the company * listed on the ASX + limited liability + money increases with stock and trading of shares - complex and expensive - risk of money lost if stock falls eg. Qantas |
| Social Enterprise | * revenue generating, primary social object * all surpluses reinvested for profit + trading to fulfil a social object + avoids dependence on funding + socially beneficial - high risk - difficult to make profit eg. Thankyou |
| Government Enterprise | * Commonwealth entity that aims to make profit * all profits returned to State for reinvestment into budgets eg. NBN, AusPost, VicRoads |
| To Make Profit | surplus remaining after costs are deducted from revenue - the basis on which tax is calculated/dividends paid |
| Increase Market Share | percentage of industry's sales that the business receives |
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