Sole trader advantages - Study guides, Class notes & Summaries

Business Management UNIT 3/4 EXAM Questions With 100% Correct Answers 2024 Sole Trader - answerBusinesses owned and operated by a single individual. Advantage: -Owner has complete control over all decisions in the business - The owner has the right to keep all the profits after taxes Disadvantage: - Unlimited liability for business debts - Burden of management and failure all falls to the owner Partnership - answerBusinesses that are owned by a minimum of 2 and a maximum of 20 people. ...

What is a sole trader? - correct answer A single person who owns a business and is unincorporated (doesn't exist in its own right) What are the advantages of being a sole trader? - correct answer Few legal requirements, quick, easy, financial info can be kept private What are the disadvantages of being a sole trader? - correct answer Responsible for its debts (unlimited liability...

Goods and services - Ansthe objects (goods) and the actions (services) that people value and produce to satisfy human wants why do businesses set up - Ans-to sell goods and provide services they know customers will like -gap in the market -want to be their own boss -to benefit others Sectors of the economy - Ansprimary, secondary, tertiary What is enterprise? - Ansinvolves identifying new business opportunities. an entrepreneur will always take the risk of getting involved in enterpr...

Sole Trader - Answer Businesses owned and operated by a single individual. Advantage: -Owner has complete control over all decisions in the business - The owner has the right to keep all the profits after taxes Disadvantage: - Unlimited liability for business debts - Burden of management and failure all falls to the owner Partnership - Answer Businesses that are owned by a minimum of 2 and a maximum of 20 people. A partnership may be made orally or written. Advantage: - Combined...

AQA GCSE BUSINESS PAPER 1 EXAM QUESTIONS AND CORRECT ANSWERS 1. Disadvantages of a sole trader - ANSWER -long hours, unlimited liability, hard to raise money, risky, lack of continuity 2. Partnership - ANSWER -2-20 partners who usually have equal share of profits 3. Advantages of partnership - ANSWER -more ideas, greater range of skills, shared workload, more money to start the business 4. Disadvantages of partnership - ANSWER -unlimited liability, disagreements, shared profits, le...

Sole trader 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? 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 able to make decision...

Sole trader - ANSWER-One person who owns and runs the business, provides all the finances, makes all decisions and has full responsibility for the operation of the business Advantages: - Low cost of entry - Complete control Disadvantages - Unlimited liability for business debts - Difficult to operate if sick Partnership - ANSWER-Business that is owned by 2 or more people. Most partnerships have a maximum of 50 partners. (partners are not a separate legal entity from the business) ...

IB BUSINESS MANAGEMENT UNIT 1- BRMP EXAM 100% VERRIFIED 2023/2024 1.1 business - CORRECT ANSWER-aims to meet the needs and wants of individuals or organizations by combining human, physical, and financial resources (1.1) 1.1 business activity - CORRECT ANSWER-Resource inputs (human, physical, financial, enterprise)--processes to add value (production)--Product outputs (goods and services) (1.1) 1.1 business functions - CORRECT ANSWER-human resources, finance and accounts, marketing...

ACCA FA Practice & Revision Kit Study Questions and Answers 1.1 Who issues International Financial Reporting Standards? A The IFRS Advisory Committee B The stock exchange C The International Accounting Standards Board D The government - ANSWERC The role of the IASB is to develop and publish International Financial Reporting Standards. 1.2 Which groups of people are most likely to be interested in the financial statements of a sole trader? 1 Shareholders of the company 2 The business...

2023 AQA AS BUSINESS 7131/1 Paper 1 Business 1 |VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE difference between a customer and a consumer - ANSWER-A customer is someone who buys the product from the business A consumer is someone who uses goods and services produced by businesses three objectives of entrepreneurs - ANSWER-(1) They want to be their own boss and make their own decisions (2)They want to keep all the profits fo...