Definitions

Question 1

unlimited Liability

Answer 1

when an individual or business owner has full legal responsibility for all debt and liabilities that a company faces. and puts their assest on the line.

Question 2

Public listed company

Answer 2

A corporation whose ownership is among the general public and freely traded on the Australian securities exchange

Question 3

Partnership

Answer 3

Is a form of business ownership that combines the resources and knowledge of 2 to 20 people.

Question 4

Sole trader

Answer 4

A sole trader is a type of business that is owned and operated
by one individual, under their own name or a registered
business name.

Owned and operated by one person
All profits go to owner
Owner has complete control
unlimited liability

Question 5

Natural Resources

Answer 5

Natural resources are materials and items used by the business that come from the natural environment, including land, water, raw
materials (e.g. timber), etc.