Sole trader - Study guides, Class notes & Summaries

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...

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 ...

ICAEW ACA Accounting Questions and Answers Rated A+ Accounting A way of recording, analysing and summarising transactions of an entity. Statement of Profit and Loss It reflects the performance of a business over a period of time. Statement of Financial Position It reflects the position of a business at a point in time. Users of Accounting Any organisation/business/individual who needs to keep track of their income, expenses, assets and liabilities. Types of Business Entity •...

This document contains summaries made from " Consumo business studies textbook" which summarizes the forms of ownership in a business; e.g., sole trader, companies, partnership.

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...

Money - Answer Simply a means of exchanging value between parties Markets - Answer Facilitates buyers and sellers interacting Role of Financial System - Answer Ensure scarce resources are used effectively Business Structures - Answer Sole Trader Partnership Companies Financial Goal of Companies - Answer Maximise shareholder wealth Why isn't Profits the Goal? - Answer Hard to Define Time Value of Money Ignores Uncertainty Factors Affecting Share Price - Answer ...

Business - ANSWER-An organization that aims to produce goods/services to satisfy the needs and wants of consumers Sole trader - ANSWER-Business that is owned and operated by one person Advantages sole trader - ANSWER-Simple and inexpensive to set up Complete control No disputes Keeps all profits Disadvantages sole trader - ANSWER-Unlimited liability Burden of managing whole business Required to perform many different tasks Partnership - ANSWER-A business that is owned and oper...

Sole Trader correct answer: this is the simplest form of business entity where a business is owned and operated by one individual. With this form of entity there is no distinction in law between and owner and the business. Partnership correct answer: this is similar to a sole trader in that the owners of the partnership share all the profits and have unlimited liability for the losses and debts of the business. The key distinction is that there are at least two owners. Limited Liability ...

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...

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 ...