Business Ownership Flashcards
1
Q
Sole trader
A
A sole trader is someone who sets up a business on their own
2
Q
Profit
A
the difference between the
values of a business’s
revenue (sales) and its
total costs.
3
Q
Unlimited liability
A
There is no limit to the amount of
money the owners may
have to pay out
4
Q
Partnership
A
when two or more
people join together in a
business enterprise to
pursue profit.
5
Q
Deed of partnership
A
an agreement between
partners that sets out the
rules of the partnership
6
Q
Stakeholders
A
are individuals and
organisations that
are affected by, and
affect, the activities of a business
