1.2 Continued Flashcards

(18 cards)

1
Q

What is a company?

A
  • A business owned by shareholders
  • companies sometimes called Corporations
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2
Q

What are three features of a company?

A
  • Companies are Incorporated businesses
  • Limited liability
  • Set up is complicated & expensive
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3
Q

What is a FOR-PROFIT social enterprise?

A
  • A business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximizing returns to owners
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4
Q

What is a COOPERATIVE(3)?

A
  • A group of people acting together to meet the common needs and aspirations of its members
  • make decisions democratically
  • share any profits earned between members
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5
Q

What are the three main types of cooperatives?

A
  • Consumer coop
  • Worker coop
  • Producer coop
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6
Q

What is a consumer cooperative?

A
  • Owned by customers who buy the used goods and service for personal use
  • Members get access to goods and services at a lower price than those charged by traditional commercial businesses.
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7
Q

What is a worker cooperative?

A
  • A business that is owned and operated by the workers themselves
  • By operating as an enterprise, members are provided with work
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8
Q

What is a producer cooperative?

A
  • Cop that joins and support each other to process or market their products
  • Many producer pool their resources to obtain cost efficiencies
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9
Q

What are 4 pros of cooperatives?

A
  • Incentive to work
  • Decision-making power
  • Social benefits
  • Public support
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10
Q

What are 3 cons to cooperatives?

A
  • Limited sources of finance
  • Slower decision-making
  • Limited promotional opportunities
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11
Q

What is an NGO or Non-profit?

A
  • Run in a professional and business-like manner but without profit being the major objective
  • Any surplus profit is invested back into business for benefits of its members
  • Aim is to provide a service or to promote special causes
  • Operates in private sector
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12
Q

What are the two types of NGO’s?

A
  • Operational
  • Advocacy
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13
Q

What is a Operational NGO?

A
  • established for a given purpose
  • orgs involved in relief based and community projects
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14
Q

What is an Advocacy NGO?

A
  • more aggressive approach to promote or defend a cause
  • raise awareness through direct action
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15
Q

What is a Charity?

A
  • Type of NGO
  • Collection donations from individuals in order to support a cause that is beneficial to society
  • large org are run by a group of managers and trustees, similar to a LLC board of directors
  • some are paid some volunteer
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16
Q

Advantages of a charity?

A
  • provide financial support for welfare of society
  • typically do not pay income tax or corporation tax
  • donors get income tax credits
  • can also register as LLC
17
Q

Disadvantages of a charity?

A
  • Lack of profit leads to staff demotivation
  • Trustees are not allowed to receive any financial benefit
  • need to be registered
  • financial activities must be recorded
  • only survive off donations
18
Q

What is a pressure group?

A
  • NGO set up by members o address a special interest of the group
  • aim to win public and media support
  • try to influence government and legislation