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GCSE: Business, Companies and Organisation, Activity

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Five different forms of ownership that you should know

  1. 1 Sole traders or sole proprietors are the simplest form of business ownership requiring no legal documentation. Anyone can just set themselves up in business. It is by far the commonest form of business organisation. One of the main problems is that it can be hard to get finance to expand. This is in part because it has unlimited liability. That is full responsibility for all debts
  2. 2 Partnerships are where from 2 to 20 people join together to form a business. This gives each person access to more finance and expertise. They also have unlimited liability which can make it difficult to get the finance to expand.
  3. 3 Private Limited Companies (ltd after their name) are legally set up and enable the business to raise more finance by selling shares (part ownership) of the business. They have limited liability which means that investors can only lose the amount they have invested in the business. People must be invited to become shareholders and can only sell their shares with the permission of the other shareholders.
  4. 4 Public Limited Companies (PLC after their name) can sell shares to anyone and there are no restrictions on who can and cannot own the shares. They also have limited liability. These tend to be the largest businesses.
  5. 5 Cooperatives are owned usually by the employees. The employees pool their money and usually share responsibility for the decisions of the business.

What are the names of different sectors of industry?

  1. 1 The primary sector is concerned with the mining, growing and extraction of raw materials that are used to produce other things. Examples include farming, mining, forestry and fishing. Before the industrial revolution (about 1760 to 1830) this was the biggest sector in the UK. Now it is the smallest, employing less than 2% of the workforce.
  2. 2 The secondary sector is the part of the economy concerned with manufacturing. It therefore involves turning primary products into other products that consumers and businesses will use. As a percentage of employment, this has fallen in the UK in recent years as more manufacturing is done abroad. The UK still manufactures many goods.
  3. 3 The tertiary sector is also called the service sector. It supports the production and distribution of products so includes industries like banking, retail, advertising and distribution. It is the largest sector of the UK economy.
  4. 4 Some commentators talk of the quaternary sector which is concerned with intellectual activities and the knowledge based part of the economy such as scientific research, government, libraries and information technology.
  5. 5 Goods move through the different sectors through what is known as the ‘chain of production’. So for instance oil comes from the primary sector where it is extracted from an oil well, to the secondary sector where it is refined into petrol or other products and then to the tertiary sector where it is sold to the consumers in a service station.

Five business aims

  1. 1 Most privately owned business aims to make a profit. This may only be in the long run. In the short run, a business may aim to increase market share or develop new products which will reduce profits in the short run.
  2. 2 Many businesses are in the public sector. This means that they are owned by the government or local government. Their main aim will usually be to provide a service to the public. They may charge for it to cover some of the costs but making a profit is unlikely to be an aim.
  3. 3 Businesses in the voluntary sector are usually charities that raise money to provide help to particular groups.
  4. 4 Businesses will normally have objectives which are much shorter term and are measures that will help them achieve their overall aim. It may relate to a level of sales (private sector), a level of service (public sector) or a particular group that will be helped (voluntary sector).
  5. 5 The terms private and public can get confusing. Private sector means owned by private individuals although it may be a public limited company. This means that shares in the company can be bought by any member of the public. However, it is still in the private sector.

  • Marked by Teachers essays 12
  • Peer Reviewed essays 4
  1. Marked by a teacher

    NVQ level 2 unit 2 Business Administration. Worksheet on Principles of providing administrative services

    5 star(s)

    If not the correct person ask for them. Clearly explain the reason for calling and ask them to confirm their details as per Data Protection Act. Get the job booked in and confirm date and job number back to customer. Thank the customer for their time and ask if there is anything else you can help them with. 1. When receiving calls- Always endeavour to answer within a specified time limit and greet the caller with the personalised greeting that includes your name and ends with ? how can I help you today?? Actively listen to their request and ask questions where needed.

    • Word count: 3138

Conclusion analysis

Good conclusions usually refer back to the question or title and address it directly - for example by using key words from the title.
How well do you think these conclusions address the title or question? Answering these questions should help you find out.

  1. Do they use key words from the title or question?
  2. Do they answer the question directly?
  3. Can you work out the question or title just by reading the conclusion?
  • Compare & Contrast 2 Businesses

    "CONCLUSION: in my word the market nature of the business is really important to the business it helps the business to meet it aims and objections. The consumer laws also help the business to know their right towards their customers in that part of the business. Most of the success depends on the location and most of tescos shops are located in the right place. And with the minor business it has to make sure they treat their customer's right because there a saying that "customers are always right" and they must abide with the consumer laws of the business or they might go out of business."

  • Analyse the relationship between job roles, functions and an organisations structure, using appropriate illustrative examples.

    "Conclusion – what does a correctly organised structure allow the organisation to achieve? ________________ An organisation can be structured in many different ways, depending on their objectives. The structure of an organisation will determine the modes in which it operates and performs. Organisational structure allows the CEO of Tesco allocates responsibilities for different functions. Also a high correctly organised structure allows the organisation to achieve their aims and objectives this is because a structure easily allows the aims and objective it clearly shows what needs to be achieved by each functional area. ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ Mrs Watterston Edexcel Business BTEC Level 2 2010/2011"

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