Your Working Life Chapter Review Key Terms Checklist Using a pencil, place a¸in each box to indicate how
well you know and understand each Key Term. q I know and understand this Key Term. q I am still a bit uncertain about what this Key Term means. q I don’t understand this Key Term yet. When you revise each chapter, tick the boxes again to indicate how much you have learned.
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Work is any activity that requires effort, either physical or mental.
Employment is any work undertaken for payment. An employee is a person who is employed in paid work.
An employer is a person or organisation that pays the employee for the work done.
A volunteer is a person who works for an organisation but does not get paid.
A person is unemployed if they currently have no paid work but are available to work.
Sole traders are self-employed people who own and manage their own small business.
Partnerships are where two or more people (but not more than 20) are in business together in order to share both the running of a business and the profits.
Companies are businesses owned by investors called shareholders. They are registered with the Companies Registration Office (CRO).
Co-operatives are businesses that are democratically owned and controlled by their members, who may be the firm’s workers, suppliers or customers.
Public sector organisations are owned by the State on behalf of the citizens and provide goods and services.
Charities are enterprises set up to provide a service, but not for a profit.
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Self-employment refers to people who work for themselves rather than being employed by somebody else. q q q
