The Nature of business Flashcards
1
Q
what is the profit formula?
A
revenue-expenses=Profit
2
Q
what is a Primary industry?
A
Businesses involved with acuqusition of raw material
Mining,fishing
3
Q
what is the secondary industry?
A
Business that uses raw materials, combined with labour and capital to make a product.
manufacturers
4
Q
what is the tertiatry industry?
A
Business concerned with the retail and the provision of services.
dentist, doctors, hairdressers
5
Q
what is the quaternary industry?
A
business that provides info services to customers.
education
6
Q
what is the quinary industry?
A
services to improve quality of life.
tourism,childcare
7
Q
how many sole traders fail?
A
50%
8
Q
what is incorporation
A
gives the business a seperate legal identity
9
Q
A
