1.2- Business Ownership Flashcards
1
Q
Whats a sole trader
A
A business owner who sets up abusiness by his or her own and has unlimited liability
2
Q
Profit
A
Measures the difference between revenue and total costs
3
Q
Unlimited liability
A
The owner can lose any amount of money
4
Q
Partnership
A
When 2 or more people join together in a business enterprise to pursue profit
5
Q
Dead of partnership
A
An agreement between partners to set the rules off their business
6
Q
Stakeholders
A
People who are affected by a business
7
Q
Company
A
A business which has its own identity
