Business

Question 1

Business ethics

Answer 1

The basic moral principles that businesses should follow. This includes:

• ensure that all business activities are respectful to any animal involved in production
• ensure that if workers are from poorer countries are used they must be paid an adequate wage

Question 2

Different forms of business ownership

Answer 2

Sole Trader - one owner, unlimited liability (can lose private possessions if taken to court)
Partnership - two to twenty owners, unlimited liability (can lose private possessions if taken to court)
Company - one to fifty owners, limited liability (only loses business if taken to court)