Setting Up A Business

Question 1

Sole trader

Answer 1

Small business which only need trading by one owner. Eg a builder

Question 2

Partnership

Answer 2

Small business which only needs trading owned by 2-20 people. Eg a hair dresser

Question 3

Private limited company

Answer 3

A business owned by shareholders and has limited liability

Question 4

Franchise

Answer 4

A company which pays a big business to have they name and brand

Question 5

Unlimited liability

Answer 5

When I’m dept the business everything and anything

Question 6

Limited liability

Answer 6

When in dept the business can only lose the money they put into the business

Question 7

Things in a business plan

Answer 7

Aims and objectives, competitors, marketing, franchise, funding, finance, production, Human Resources

Question 8

Factors affecting location of business

Answer 8

Land price, competition, access, cost of labour

Question 9

Aims of a business

Answer 9

Increase profit, expanding,surviving, increase in sales

Question 10

Objective

Answer 10

Shorty term targets businesses have to achieve aims

Question 11

Aims for

Answer 11

What the business wants in the long run

Question 12

Stakeholders

Answer 12

Anyone effect by the business

Question 13

Examples of stakeholders

Answer 13

Employees, suppliers, customers, manager