Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
4 Cards in this Set
- Front
- Back
|
Entrepreneurship |
An entrepreneur is a person who undertakes the risk of establishing and running a business on their own with a goal of making a profit Entrepreneurship refers to the act of managing a business enterprise Role- Conceptualizing- all the ideas related to the business is offered Planning- the requirements or assets of the business including premises, building, machinery etc Accessing financing- the entrepreneur is responsible for finding funds or capital to begin the business Organizing the business- keeping records and documents over the business Operation- assuring that day to day activities are carried out Unlimited liability- the owners are not only liable to lose the moneys invested but can also lose their personal assets to pay off debts |
|
|
Contracts |
A contract is a legally enforced agreement where two or more parties promise for something to be done or given Seven elements- Offer Acceptance Consideration Capacity Legality Possibility Good faith |
|
|
Business documents |
This is any document used to complete paperwork in any type of business transaction Serves as proof of transaction occurring Kept as records so patterns of sales would provide better quality products and services Helps business prepare and file tax returns Provides info to lending institutes like banks and credit unions Transaction- a complete process which ensures there is no confusion as to what has taken place Types of documents Requisition- request for goods or services made by an employee Letter of enquiry- a formal way of requesting info about anyone Catalogue- a list of things such as goods you van buy from a company Tender- an invitation written sent to potential suppliers of goods or services Quotation- document sent to a potential buyer with a proposed price on certain conditions Invoice- a document or bill given to the purchaser giving details on purchase
|
|
|
Production |
This is the creation of goods and services needed by costumers
Issues- Provides many wants which are not needed for survival but used to better one's life Rltsp between the output of the product and factors contributed Measured by output of man per hour
Types of production Primary- refers to extractive industries eg farming mining lumbering fishing
Secondary- refers to manufacturing industries where raw materials are extracted eg motor vehicles food processing
Tertiary- refers to service industries eg doctors lawyers administration eg doctors lawyers administration
|
