Chapter 1.
Key Knowledge
Key Knowledge covered in this chapter
- Types of businesses, including sole traders, partnerships, private limited companies, public listed companies, social enterprises and government business enterprises.
- Business objectives, including to make a profit, to increase market share, to fulfilll a market and/or social need and to meet shareholder expectations.
- The areas of management responsibility, including operations, nance, human resources, sales and marketing, and technology support, and how each area contributes to the achievement of business objectives.
Chapter 1 - Power Points
Class work - Basic Subject Content
Application of Legal Structure
Application of Content Tasks (ACTs)
Chapter 1 - Activities & Case Studies
Exam Questions
Focus of exam questions is to;
Answer the question being ask by Identifying the instructional word within the question Refer to the table on the Right Identify marking structure What is the question requiring. (Identify & Explain) How are the marks allocated (1 = Identify, 2 = Explain, TOTAL = 3) Make sure you are responding to the marking allocation Structure your response to Fully demonstrate your knowledge & understanding of the content Using the DCP model (as per english) D - Denotation (answer the question) C - Conotation (explain the denotation) P - Purpose / Example, link to case study / real life example to fully demonstrate understanding |
Exam Response - example
EXAM QUESTION
Describe two features of a partnership as a form of business ownership. (4 marks)
SAMPLE RESPONSE
DENOTATION:
A partnership is a business owned by two or more people, with most partnerships having a maximum of 20 partners.
CONNOTATION:
A partnership does not operate as a separate legal entity from the owners.
PURPOSE:
Therefore, the owners are subject to unlimited liability, making them personally responsible for the debts of the business.
CONNOTATION:
Each partner will contribute capital to the establishment of the business and will share in the profits of the business in proportion to the capital contributed.
PURPOSE
Hence the partners need not be equal and some partners may contribute capital only and not work in the business (known as a silent partner). With multiple owners, a partnership allows for shared decision-making, shared responsibility and a share of the workload in operating the business, making it easier for the business to start operating.
Mark allocation: 4 marks
Describe two features of a partnership as a form of business ownership. (4 marks)
SAMPLE RESPONSE
DENOTATION:
A partnership is a business owned by two or more people, with most partnerships having a maximum of 20 partners.
CONNOTATION:
A partnership does not operate as a separate legal entity from the owners.
PURPOSE:
Therefore, the owners are subject to unlimited liability, making them personally responsible for the debts of the business.
CONNOTATION:
Each partner will contribute capital to the establishment of the business and will share in the profits of the business in proportion to the capital contributed.
PURPOSE
Hence the partners need not be equal and some partners may contribute capital only and not work in the business (known as a silent partner). With multiple owners, a partnership allows for shared decision-making, shared responsibility and a share of the workload in operating the business, making it easier for the business to start operating.
Mark allocation: 4 marks
- 2 marks for describing unlimited liability as a feature of a partnership
- 2 marks for describing shared responsibility and decision-making as a feature of a partnership