•A partnership is when two or more people (up to 20**) who come together to: –carry on a business as partners–share profits or losses according to partnership agreement•share ideas, skills and resources** exclude professional firms such as law firms, accounting firms where partners can go up to 70
Advantages •Easer and simpler to set up than company•Informal business structure hence it is not bound by accounting, auditing and accounting reporting standards •Ability to share knowledge, skills, ability, resources, capital and workload among the partners Disadvantages•Unlimited liability for business debts and obligations by all partners**•Limited life – if one partner dies or withdraws from the business then …
•Company has owners who are known as shareholders •Company has a separate legal entity from the owners — meaning that people who own, control and manage it should be separate group of people (Shareholders own the company, Board of Directors control the company, Directors manage the company)•Shareholders have limited liability –- meaning that the liability …
Microeconomics It is the study of how an individual household and / or firm make decisions It also studies how individuals interact with one another in markets Macroeconomics It is the study of the economy as a whole and how government bodies make decisions It’s goal is to explain the economic changes that affect many households, firms, and markets …
Advantages •Limited liability for shareholders•Taxation rate is lower than personal tax rate in the top bracket•Business expansion is easier due to legal structure•Fund raising is easier through public share offeringsDisadvantages•Time consuming and expensive to set up•Compliance with company rules and legal requirements is a must •Taxation is based on first dollar of profit•Separation of ownership and …
Population is: All the individuals, objects or scores the researcher or investigator is interested in studying In an experiment, the population is the larger group of individuals from which the participants in the experiment are taken For instance, if I am interested to find out the number of people who do not pay tax in Singapore then …
Sample is: A subset of the population. As discussed in the previous post, sample is used for:– Practical considerations– Time considerations There are generally two types of sampling: Probability sampling – random – Robust as random sampling allows selection of representative samples Non-probability sampling – non random – Less robust but might be the most appropriate for some of the studies where random sampling …
Random Sampling is: a random selection of every individual, object or score. — This implies that every individual, object or score has an equal chance of being selected with or without replacement. — However, random sampling is usually not possible— Hence non probability sampling has to be used whenever random sampling is not possible
Nonrandom Sampling is: when every individual, object or score DOES NOT has an equal chance of being chosenTypes of non random sampling:1. Convenience samplinga type of convenience or accidental sampling which relies heavily on available subjects— eg. people walking past certain area2. Judgemental sampling– Based on your knowledge of the population, its elements and your research aims3. …
Types of Data 1. Quantitative data – numerical / continuous — can be sub categorized into interval or ratio data— data CAN be added, subtracted, multiplied or dividedcannot be added, subtracted, divided or multiplied — numbers that are the results of measuring a variable— Data used to calculate percentages, means, standard deviation – Eg. Exam Scores, Height etc 2. …