MGT211
Most usefull notes for finalterm
What is the business ?
The activity that perform from any person for the sack of money is called business.
Components of business
There are two components of business,
Industry
Commerece
Define Industry.
industery is connected with the production and prepration of goods and services. It is a place where raw meterials converted in to furnished and semi-furnished.
There are two types of industry
Primary Industry
Secendry Industry
Primary Industry
prime industry engaged in the production or execution of raw materials , which are used in the secnedry industry. There are two types of primary industry
Extractive Industry
Genetic Industry
Secendry Industry
These industry use raw materiel and make useful goods. Raw materials for the secendry industry in obtained form the primary industry.
There are three types of Secendry industry
Constructive industry
Manufacturing industry
Services industry
What is the Commerce ?
Commerce is the second component of the business the term commerce include all activities, functions and instruction, which are involved in transferring goods produced in various industry, from there place of production to ultimate consumers.
What is the environmental Forces?
Forces that influence performance of organization is divided into two categories as under,
External Force
Internal Force
What is the sole proprietorship ?
It is the simple form of business organization which is owned and controlled by one man.
Definition of partnership ?
Partnership is the relation between the persons who have agreed to share there profit of a business cared on by all or any of them acting fro all.
Definitin of joint stock Company ?
A is an incorporated associations persons formed usually for the pursuit of some commercial purposes.
Definition of cooperative Society ?
Cooperative Society are the formed for the help of poor people.It is formed by economically week persons of the society. In this form of orgenization, all members enjoy equal right of ownership.
Define Combination
Combinations is the associations, temporary or permanent of two or more firms.
Define main characteristics of partnership?
Agreement
Dissolution
Legal entity
Numbers of partners
Profit and loss distribution
Define the kinds of partnership
Partnership as well
Particular partnership
Limited partnership
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