T Level in Sales, Marketing and Procurement: Element 1 - The Business Environment

This set of vocabulary flashcards covers Element 1 of the T Level Core Component, focusing on business sizes, geographical operations, and legal ownership structures.

CS1: Communication

The core skill of using a range of communication methods tailored to the audience.

CS3: Logical Approach

Applying a logical approach to solving problems, identifying issues and proposing solutions.

National Business

Businesses whose operations focus on their home country.

International Business

Businesses that operate from their home country to import and export to an international market.

Multinational Business

Businesses that operate in multiple countries whose product and offering is adapted for each individual country.

Global Business

Businesses that operate in multiple countries whose offerings and process are consistent across countries.

Micro Business

A business size categorized by having up to $9$ employees.

Small Business

A business size categorized by having $10 - 49$ employees.

Medium Business

A business size categorized by having $50 - 249$ employees.

SMEs

An acronym standing for Small & Medium Enterprises.

Large Business

A business size categorized by having more than ($>$) $250$ employees.

Limited Liability

A legal structure that protects investors by limiting their financial responsibility to the amount they have invested, safeguarding personal assets from business debts.

Sole Trader

A business owned by one person, usually small in size, where the owner keeps all profit but has unlimited liability.

Unlimited Liability

A legal condition where the owner is liable for the organisation's debt, meaning personal assets such as a car or house are at risk of being sold to pay off business debts.

Partnership

A business with a minimum of $2$ and a maximum of $20$ partners, set up by a deed of partnership document.

Deed of Partnership

A document that sets out the terms of a partnership, such as how much money each partner invested and their roles.

Sleeping Partner

A partner who invests in a business but is not involved in the day-to-day running of the partnership.

Private Limited Company (Ltd)

An organisation owned by shareholders (often family) who receive dividends, where investors are protected by limited liability.

Dividend

The portion of profits shared with shareholders in a limited company.

Registrar of Companies

The entity with which Limited companies must be registered.

Memorandum of Association and Articles of Association

The legal documents Limited companies must use for their setup.

Public Limited Company (Plc)

A company that can offer shares to the public on the stockmarket and must have at least $£50,000$ in share capital.

Plc Legal Requirements

A company must have share capital of at least $£50,000$, two shareholders, two directors, and a qualified company secretary.

Limited Liability Partnership (LLP)

A flexible legal and tax entity where every partner has limited personal liability for business debts or claims, allowing for pass-through taxation.