Business Flashcards
What are the different forms of business ownership
Sole trader; milkbar , hairdresser, carpenter
Partnerships; doctor, accountants, lawyers
Private companies; Aldi, 711
Public company; Woolworths group, Coles Group, Telstra, Commonwealth Bank
What is a balance sheet
A statement of the financial position at a point of time. Needs to balance.
Assets = Liabilities plus owners equity
What are business ethics
The moral guidelines and principles that a business should follow.
Paying staff on time, paying suppliers on time, avoid false advertising and lying to customers, be consistent in terms of your products
Why is the location of the business important
It needs to be in a place where there is a big target market, lots of people, must be easy to see, have good views
