Review questions:

1. Explain the difference between limited and unlimited liability.

2. Briefly outline the process a company must go through to become a limited company.

3. Outline what you view to be the main functions of management.

4. How do autocratic and democratic types of leadership differ?

5. List four sources of external/internal finance for a company?

6. Explain the main differences between credit cards and debit cards.

7. Why is market research so important to a company?

8. What is the “marketing mix”?

9. What is the difference between a “product-oriented” company and a “market-oriented” company?

10. What is an advertising “medium”? List and describe five different media.

11. What is “invisible/visible trade”?

12. What is a “tariff” and is it a barrier to trade, why?

13. How does a “sight draft” differ from a “term draft”?

14. Explain a difference between a “debtor” and a “creditor”.

15. What is meant by a contract of employment?

16. List four factors that might influence the motivation of a worker.

17. Distinguish between job enlargement, job enrichment and job rotation.

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