SOLE TRADERS, PARTNERSHIPS, S O C I A L E N T E R P R I S E S A N D F R A N C H I S E S

Question 1

Innovator

Answer 1

Someone who introduces new ideas

Question 2

Incoporated

Answer 2

Businesses that have a deprecate legal identity from that of its owners

Question 3

Labour

Answer 3

People employed in a business

Question 4

Unincoporated

Answer 4

Business where there is no legal difference between the owner and the business

Question 5

Sole trader or sole proprietor

Answer 5

Business that is owned by a single person

Question 6

Unlimited liability

Answer 6

Owner of the business is liable for all the companies debts

Question 7

Partnership

Answer 7

Business owned by 2 to 20 people

Question 8

Deed of partnership

Answer 8

Legal document that states the right of partners

Question 9

Limited partnership

Answer 9

Partnership where some pole contribute and enjoy a share of profit and don’t take part in running the business

Question 10

Limited liability

Answer 10

Business where owner is liable for only the amount spent

Question 11

Audits

Answer 11

Official exams of a companies financial records in order to check that they are correct

Question 12

Franchise

Answer 12

Structure in where a business allows another operator to trade under their name

Question 13

Merchandise

Answer 13

Goods that are being sold

Question 14

Social enterprise

Answer 14

Business that aims to improve human or environmental well being

Question 15

Cooperative

Answer 15

Organization in which all of the people work towards their equal and opposite share

Question 16

Consumer cooperative

Answer 16

Cooperative that is owned by its customers or consumers

Question 17

Retail cooperative

Answer 17

Retail workers who work together to assert their purchasing power

Question 18

Charities

Answer 18

Organizations aim that is to improve social welfare