What is a sole trader - Study guides, Class notes & Summaries

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...

Edexcel IGCSE Business Studies | Latest Update | 2024/2025 | Rated A+ What is meant by ‘profit’? Profit is the financial gain made when total revenue exceeds total costs. Define 'entrepreneur'. An entrepreneur is an individual who takes the risk to start and run a business with the aim of making a profit. What is the meaning of ‘market share’? Market share refers to the percentage of total sales in a market that a company or product controls. What is a ‘business ...

Business Studies (HSC) Questions and Answers | Latest Update | 2024/2025 | 100% Pass What is the purpose of a business plan? The purpose of a business plan is to outline the goals, strategies, and financial forecasts of a business to guide its operations and attract investors. How does market research benefit a business? Market research helps a business understand consumer needs, preferences, and trends, allowing for informed decision-making and strategic planning. What is the...

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 ...

2 Section A Answer all questions in this section. Only one answer per question is allowed. For each question completely fill in the circle alongside the appropriate answer. CORRECT METHOD WRONG METHODS If you want to change your answer you must cross out your original answer as shown. If you wish to return to an answer previously crossed out, ring the answer you now wish to select as shown. 0 1 A company decides to rely only on decision trees to decide whether to accept a project. If...

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...

ITEC - Professional Conduct & Business Rated A+ Consumer Protection Act An act that safeguards the consumer from unsafe products Continual Professional Development can be obtained by Attending lectures or additional training courses throughout the year Correct first aid for fainting Lie client down, raise the legs and support ankles on your shoulders Disadvantage of being a sole trader No legal distinction between business and personal assets Limited company A limited compan...

*Certified Distinction Grade Work* Contains and covers all aspect of Unit 1 Exploring Business Learning Aim A,B, and C with the highest quality: Contains every pass merit and distinction tasks: p1,p2,p3,p4,p5,p6,p7,m1,m2,m3,m4,m5,d1,d2,d3,d4 I will provide a detailed analysis of the steps involved in selling coursework, including the necessary preparations, marketing strategies, and legal considerations. By going in-depth, I aim to provide a comprehensive understanding of the selling process ...

0 1 A business buys inventory on credit. Which book of prime entry is used to record this transaction? [1 mark] A Cash book B General journal C Purchases journal D Purchases returns journal 0 2 What is the impact on the statement of financial position of receiving a recovered debt that had previously been written off as irrecoverable? [1 mark] A Decrease capital, decrease current assets B Decrease capital, increase current assets C Increase capital, decrease current assets D Increa...

Business Enterprise Any operation established to produce or supply goods/services desired by consumers generally with a view to making profit. Factors of Production The inputs of land, labour, capital and enterprise required to produce or supply goods/services. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Entrepreneur Someone who starts and runs a business and has the responsibility of the risks in...