Business Revision
Business Revision-
1. For-profit and not-for-profit organizations and their features;
Key concepts- Businesses are organizations that provide goods and services to fulfill our needs and wants and in return most businesses seek to make a profit. Not-for-profit organizations may make a profit but the main reason they exist is to pursue a social objective, such as helping others. Profit: A business makes a profit when the income earned (revenue) is greater than the costs of production (expenses). Business: It is an organization that provides goods and/or services to consumers in order to make a profit.
A business- a for-profit organization: Mowing neighbor’s lawns, baby-sitting, washing windows or setting up a stall at a local community market. A part time basis to work in a local corner store or fast-food outlet.
The main activities of a business: Finished goods- are those that are ready for customers to buy and use.
Not-for-profit organizations: operate to provide social, educational, religious or other benefits. Non-for-profit organizations may be run by both paid employees and volunteers. Not-for-profit includes the Salvation Army, The Smith Gamily and World Vision. Some organizations make profit as well.
Similarities and differences between for-profit and not-for-profit organizations: Both must ensure that finances are available to allow the organization to survive and pay its bill and both must be accountable for their actions.
2. Distinctions between small, medium-sized and large businesses;
Key concept- Businesses come in many different sizes-small, medium, large or somewhere in between.
SME’s – (small-medium sized enterprises) with less than 200 full time equivalent employees and or $10 million turnover (businesses total sales).
A number of measurements can be used to determine the size of a business including:
- The number of
1. For-profit and not-for-profit organizations and their features;
Key concepts- Businesses are organizations that provide goods and services to fulfill our needs and wants and in return most businesses seek to make a profit. Not-for-profit organizations may make a profit but the main reason they exist is to pursue a social objective, such as helping others. Profit: A business makes a profit when the income earned (revenue) is greater than the costs of production (expenses). Business: It is an organization that provides goods and/or services to consumers in order to make a profit.
A business- a for-profit organization: Mowing neighbor’s lawns, baby-sitting, washing windows or setting up a stall at a local community market. A part time basis to work in a local corner store or fast-food outlet.
The main activities of a business: Finished goods- are those that are ready for customers to buy and use.
Not-for-profit organizations: operate to provide social, educational, religious or other benefits. Non-for-profit organizations may be run by both paid employees and volunteers. Not-for-profit includes the Salvation Army, The Smith Gamily and World Vision. Some organizations make profit as well.
Similarities and differences between for-profit and not-for-profit organizations: Both must ensure that finances are available to allow the organization to survive and pay its bill and both must be accountable for their actions.
2. Distinctions between small, medium-sized and large businesses;
Key concept- Businesses come in many different sizes-small, medium, large or somewhere in between.
SME’s – (small-medium sized enterprises) with less than 200 full time equivalent employees and or $10 million turnover (businesses total sales).
A number of measurements can be used to determine the size of a business including:
- The number of