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
What is a franchisor
Originally business idea owner
26
What is franchisee
Who buys the original idea
27
What is a royalty fee
Owner who is granted the original business have to pay back a percentage of profit and annual fee to original owner
28
What is the promotional mix
Mixture of advertising and sales promotion to attract and retain customers
29
What is HMRC
Her majesty revenue customer Government responsible for tax