unit 1.2 Flashcards
1
Q
sole trader
A
someone who sets up a business on their own
2
Q
partnership
A
when two or more people join together in a business enterprise to pursue profits (usually 2-20)
3
Q
private sector
A
owned by individuals
4
Q
public sector
A
owned by the government
5
Q
liability
A
a sum of money that is owned by a business to another business or individual
6
Q
unlimited liability
A
the personal possessions of the owner of a business are at risk if there are any problems
7
Q
company
A
owned by shareholders
8
Q
not for profit
A
has objective other than profit
