Business

Question 1

What is Lucy’s Law?

Answer 1

Must buy puppies or kittens directly from the breeder, the breeder must show the puppies interacting with their mother.

Question 2

Private Sector

Answer 2

Private sectors are owned and run by private individuals

Question 3

Public Sector

Answer 3

Public sectors are owned and run by the government for the people.

Question 4

Sole Trader

Answer 4

A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

Question 5

Limited Company

Answer 5

A private business set up in such a way that legally separates the company from the owner.

Question 6

Value of output

Answer 6

The market value of all the goods and services produced by an enterprise during an accounting year.

Question 7

Gross Domestic Product

Answer 7

The monetary value of all the finished goods and services produced within a country’s borders in a specific time period.