1979-11-17 — Page 32

WAH KIU YAT PO

A partnership is cumposed of several (more than one)

owners who poul their resources together. to form the fierm.

The

買四第張八第 日八廿月九年未己磨

1980

中學會考試題預習專欄

經濟及公共事務(六)

明德出版社等修提供資料

陳勵德?

Economics and Public Affairs(6) K.K, Wung & L. T, Chan

(Mill & Dale Press Ltd.)

BUSINESS UNITS and OWNERSHIP:

Definition of a firm

A firm is a business unit formed for the purpose. carrying on some kind of ecunomic activity. It is the basic:unit.of production, Most business, firms are privately owned and motivated by profits. It should be noted that

ownership is a determining: factor in a firm's behavior.

Public and Private Enterprises

The basic unit of planning and control over production is the enterprise. The terms firm and enterprise actually belong to one group. All: modern economic societies have such control units, but there are wide differences in the ways. they are organized;

Public enterprise is uwned and managed by the state. In Hong Kong, the owner of such enterprise Is the government. The Pust Office, the Water Works, the airport, and the British section of the Kowloon and Canton Railway are public enterprises.

Private enterprise is owned and managed by the private individuals. In our community, which follows the jalsseziaire (free enterprise) principle, most of the commercial and industrial commercial and industrial concerns are privately owned.

The Sole Proprietorship

This is the 6ldest and simplest type of firm that has the characteristic of Uneman' business, All the firm's decisions. are centered in him, all profits from the firm is his. and he is personally liable for all the firm's debts. There is no legal distinction between the personality and pussessions of ir the ownerand those of the: firm. In fact the owner is the firm

arid is personally responsible for everything the firm does.

The Partnership

F6新創數十名名F5英文四名:

FA英文玉名 F5物理四名......

partners agree ainong:

theniselves about how much

capital each is to contribute.

what role cach will play in the management, and how much::

vill share in the profits.

A partnership has more capital and resources and thus has greater pussibility of staying in the business. Since different partners may have different: skills or experiences, each can contribute lo the firmin various ways. Also there is fle bility and adaptablility for the firm when partners are directly involved in supervision and thus the motivation to work is therefore strong. The Limited Company (Joint-stuck Company)

This is a legal form of enterprise (organization) designed tu take advantage iarge-scale production methods. by pucling the wealth of many peuple into a single enterprise while at the same time. maintaining centralized control

and responsibility fur, operations.

over

The major characteristic of a limited company is that the Irabilities of the shareholders. are limited. This, simply means that the liability of the

shareholder is limited tu the fully paid up value of the.. shares he holds, so that should the company find itself in:: difficulties and unable to meet the demands of its creditors the shareholder can lose n

mure than the amount he has Invested, the rest of his

property being free from any claims by the company's creditors

In Hong Kong, limited company is set up under the Companies Ordinance. Each limited company is a legal: entity, i.e.it is treated as a legal persun and has the right to sue and to be sued, can wwn property in its name and makes: contracts. The capital. 'of the entity is divided into

shares and the sharchuiders nurmally du nut manage the firm. Instead, a Board uf Directors. js elected and it bulds responsibility to the shareholders, e., ty report the state of Business and publish the annual reports to the "public.

There are two types of limite

limited companies, the public: limited company and the private Limited cumpany. The two are quite different as far as legal commitment, organization, and capital raising are concerned. detailed comparison of tiem.is.

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詢間時間:一至五下午四時至八四有班,

新六上午八至12時地址:大埔道3

成都大阪壹樓E座K80/608

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fuund in the question and answer: section in the later part of this lesson.

The Co-uperative Souciety.

This is another form of business urganization but is quite distinct in its structure

The major aim and abjectives. of such a society is to provide benefits which are comenon to all its members.

The most common type of co-operative society is the

Consumers!-co-operative. The Owners are sometimes also the customers and the profits are. distributed among the members. The students' co-operatives, in many universities are examples of such. In Producers?co-operatives,

the workers themselves own the business and elect sume of their members to manage it, the profit then being divided "among them,Co-operation

among farmers is a goud. example of the producers! co-operatives.

societies in

Co-operative socia

Hong Kong have to register with the Registrar of Co-operative Societies and is incorporated under the Co-operative Societies Ordinance. Presently, there are over 400 registered cu-uperative societies and all are under the control of the Registrar (The Director of Agriculture and Fisheries). Examples of co-operative societies in Hung Kung are the rural societies (e.g. the Vegetable Marketing Sucieties); the fishermen's societies(eg. the Federation uf Fishermen's Credit Societies) and the urban societies (eig. the: Building Societies).

QUESTIONS

Distinguish between public limited xo a private limitedi

and

The public and private limited companies are different in many aspects. A private Limited-company is usually small in scale and its number of shareholders ranges from 2¬tu 50; a public limited company is |usually large and there is no upper limit in the number of shareholders, but there:must be at least seven. The shares. of a private limited company are nut; quuted in the stock market and thus it can only raise capital from its shareholders in private. On the other hand, the shares if the public limited company can be quoted on the stock market and therefore it can raise a

/Pge amount of capital from

public through the stock

exchange by issuing shares.or [by issuing debentures (bunds).

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I can be accumulated

from small savings of the public: fur the public limited cumpany.

As far as the private limited company is concerned; a shareholdef cannot transfer his shares without the consent of the company nur can any invitation be made to the general public to subscribe fur shares. Hence the company cannot be controlled Also, through trading uf shares. the shares cannot be used for

speculation. For the public limited companies, shares are freely traded in the stuck

exchange and the company can be. controlled by purchasing shares. Therefore, the shares can be manipulated fur apeculation.

It should be noted that the financial statement of a private limited company is nut open

to the public and there is a close relationship between

shareholders and management

for such a cumpany. The

opposites are true for the

public limited company, i.e. the financial statement of the company is open to the public and the shareholders usually only invest without taking part in the management of the

company.

What are the advantages of public enterprise? uf private enterprise?

Advantages of public.

enterprise

Public enterprises are motivated by the consideration of the well-being and interest of the people, nut that of making profits. Therefore a state- owned organization can offer to: the public cheap, uniform piece jand regular services, or Tproducts. Unlike private: Tenterprise system, excessive.

competition can be avoided and the government can ensure that essential gouds and sucially necessary services are 1- maintained. Public investment | also can finance lung-term and

big projects such as the Plover Cuve Scheme which is toe custly to private investors, Generally speaking,a

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guvernment-run enterprise has better access to various kinds of information and statistical data and thus enables further development..

Advantages of private

enterprise

The activities of private enterprises are generally |regulated by the law of demand

and supply. Competition ameng

private enterprises nut only

lead to new product and

technology development:

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progress; but also allows a wider range of higher quality

|gouds and services offered to the

consumers. In addition, competition ensures price to bem kept at a competitive level so that consumers can be benefitted more. The profit-making Cbjective is a powerful incentive in making private enterpriser if to work hard and display greater initiative in his work. Thist kind of drive usually leads to more efficient and effective management, Mureover, ties m free market ensures the uptintal (best) allocation of resourcest "including labour and thus the

possibility of wastage uf. resources will then be limited. Henco in such system, the interestes of the consumers- are taken care of in that the production of various goods.

(innovation), and thus economic

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and services is based on:

satisfying consumers needs,

文字推理練習十二 綜合練杏

從下列每句的括孤內,選出適當的答 並在它的下面畫一横線。

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下列参類有六個項目,其中四個是同類資料 其餘兩個銀运四個並不同類;試選出這兩個不證 類的項目,並在它的下面攤一横線。

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$13和(5)、T4)和(6)

∴試從每題四個有編號的句子中,選出兩 用來推斷出該題的論;前在所選答案的下面

(1)李輝是李明的同胞兄弟,

(2)李明没有哥哥

13李明的年紀很小 李輝不是小學生

結論:赤輝的年纪比李明小

(A2) B-1113) D12 (4) ·E (3) Fal

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12,1)志煲碗不是自强常用的,

12這隻碗上的指紋和自强的指紋相

3任何人的指紋都和别人的不同,

147隻碗的花紋很好看

結論:自强曾經接觸這隻辣,

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保證會考合格課程

分港九兩區甲午晚班、空氣調節語言實驗室 無論 九學生均羽先往香鹉海翔慶旅斯富街 多提

7961465E GC. 報名。H767297H

甘出招標承投

廿年主名然跑私家事数大中小平鸟英文管理 精教任何F.4升F.5生及自修者

會考優異英數

★親殺當開放正作文及全部文擬GE寫 单午經備九任探現在任何一天可起足月90. K80705),做氏導或英文中心

小學補

小租形式輔導學生

小爵。太子镇五

撆讓造讓德篛影夜冷龠機平沽

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生財器具及紫鬼出售港七四箱深蛋鮮木二

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一限日沽清 金露腿色九龍瑍林街104號三安报治

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