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Business > Ownership > Flashcards

Ownership Flashcards

1
Q

What is a soul trader

A

A person who set up and run the business themselves

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2
Q

What is partnership

A

business owned by 2 or more people

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3
Q

Limited liability partnership

A

Partnership where the owners are not responsible for the depts business can not pay

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4
Q

What is limited liability

A

the owners can only loose what they invested they are not responsible for business depts

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5
Q

What is unlimited liability

A

Owners are responsible for business depts. if cannot pay they have to sell personal possessions

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6
Q

What is capital

A

Money invested into the business

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7
Q

What is own savings

A

Saving the owner has used to start to the business

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8
Q

What is friends and family

A

Person setting up the business borrow money from friends or family

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9
Q

What is loan

A

Owner borrow money from a bank

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10
Q

What is crowd funding

A

Usually online and large number of people give small amounts for usually discounts in return

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11
Q

What is small business grant

A

Government charity or council give money or equipment to help

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12
Q

What are business angels

A

Wealthy individuals who invest for a stake of the business

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13
Q

What are initial resources

A

Money from inside the business

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14
Q

What is retained profit

A

When the business uses their profit to invest back into the business

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15
Q

What is selling assets

A

When they sell products owned by the business

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16
Q

What is share issues

A

Sell shares of business for money

17
Q

What is overdraft

A

Using more money that’s in your account

18
Q

What is new partners

A

Adding partners so they can add money into the business

19
Q

What is external resources

A

Money that come from outside the business

20
Q

What is Venture capital

A

People who invest but want their invested back and input on how the business is ran

21
Q

What is government grants

A

Fixed amount from the government to help business’s

22
Q

What is leasing

A

Renting business equipment

23
Q

What is hire purchase

A

When a business pay for equipment in monthly instalments

24
Q

What is franchise

A

The original owners idea being granted to someone else

25
Q

What is a franchisor

A

Originally business idea owner

26
Q

What is franchisee

A

Who buys the original idea

27
Q

What is a royalty fee

A

Owner who is granted the original business have to pay back a percentage of profit and annual fee to original owner

28
Q

What is the promotional mix

A

Mixture of advertising and sales promotion to attract and retain customers

29
Q

What is HMRC

A

Her majesty revenue customer

Government responsible for tax

Business (12 decks)

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