Business Section Flashcards
1
Q
Different forms of business owner ship
A
Sole trader - A business run by yourself. You are the only owner and make all decisions
Private business - PTY LTD. Up to 50 shareholders
Partnerships - share with more than 2 people but max of 20 people
2
Q
How to calculate capital / owners equity on a balance sheet
A
Assets - liabilities = owners equity
3
Q
Define business ethics
A
It is the moral guidelines and principles a business should follows
4
Q
Liabilities
A
What the business have the obligations to owe
5
Q
Assets
A
If you can touch them it’s an asset
6
Q
Balance sheet
A
Both sides must equal
