Sole trader - Study guides, Class notes & Summaries

BLAW211 Final Test with Complete Solutions 100% Pass What is a sole trader? - Answer-1 person operating on their own Can they have a trading name? - Answer-Yes What type of liability do they have? - Answer-Unlimited. Meaning that their personal assets are at risk if the business fails What is the applicable law? - Answer-The consumer guarantees act What is the definition of a partnership? - Answer-"The relationship which subsists between persons carrying on a business in common w...

AQA A-level ACCOUNTING Paper 2 Accounting for analysis and decision-making Tuesday 6 June 2023 Morning Time allowed: 3 hours Materials For this paper you must have: • a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write outside the box around each page or on blank pages. • If you need extra space for your a...

Sole trader - ANSWER-A sole trader is a business that is run and owned by one person. The sole owner provides all financing and is responsible for decision making. What are the advantages of being a sole trader? - ANSWER-Owner keeps all profits: All profits are kept and the owner doesn't have to share with partners Low cost of entry: It doesn't cost much, so a sole trade can operate right away e.g don't have to register Complete control of the business: owner has full control, is abl...

Grade 10 Accounting June Paper and Memo: Total:  200 Marks.      Time:  150min Contents of the exam paper contains the following details: GAAP Principles and Accounting equation Salary scale, Wages Journal, Ethics and Internal control Ledger accounts, Internal Control and ethics Debtors Reconciliation and debtors list Bookkeeping of a Sole Trader This is a practice paper with memorandum meant to test the student's knowledge, and will not be the same paper written for the ex...

Two years ago, Aadi had set up in business as a sole trader. He invested all of his savings of £10,000 in the business. Recently the business has struggled financially, and a major supplier is owed £18,000. Aadi realises that he will have to sell the business and calculates that if all of its assets were sold, they would realise £8,000. Aadi himself owns a car worth £5,000. He owns a flat which, if sold, will raise £50,000 once the mortgage is paid off. He has no other substantial assets. T...

Sole trader: Definition - ANSWER The person carrying on business as an independent Individual. The business is the individual and they are indistinguishable. The business is owned and controlled by 'X' who enjoys all the profits and is directly liable for tax on income earned. Sole trader: Liability - ANSWER Unlimited Indemnity (Definition) - ANSWER Security or protection against a loss or other financial burden Sole Trader: Liability Minimising strategies - ANSWER Insurance policies: - ...

notes based on Barbri prep course and external resources - business law, uk law, company, incorporation, sole trader, LLP, general partnership, director, shareholders, insolvency, bankruptcy

US HISTORY All Challenges History (With Answers)Unit 1 Challenge 1 1. Which of the following statements is true? a.) Historians have a responsibility to merge their own experiences into historical narratives. • b.) The writing of history is influenced by the cultural environment in which it is written. c.) History is best determined through the lenses of politics and economics. • d.) Historical interpretations of past events rarely change over time. 2. Consider the following research qu...

Cambridge IGCSE Business Studies Questions and Answers | Latest Update | 2024/2025 | Rated A+ What is meant by a ‘need’? A need is something essential for survival, such as food, water, or shelter. What is a ‘want’? A want is something that is not essential for survival but is desired to improve the quality of life, like a smartphone or holiday. What is ‘opportunity cost’? Opportunity cost is the benefit or value of the next best alternative that is given up whe...

SQE 1 FLK 1 - Business law and Practice UPDATED Exam Questions and CORRECT Answers incorporated business - CORRECT ANSWER- separate legal entity from owners and managers unincorporated business - CORRECT ANSWER- A business that does not have legal identity separate from its owners. The owners have unlimited liability for business debts. sole trader - CORRECT ANSWER- unincorporated business ran by an individual who benefits from the profits but bears any losses partnership - CORRECT ...