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 ...

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...

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

*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...

ICAEW ACA Accounting Accounting - correct answer A way of recording, analyzing and summarizing transactions of an entity. Statement of Profit and Loss - correct answer It reflects the performance of a business over a period of time. Statement of Financial Position - correct answer It reflects the position of a business at a point in time. Users of Accounting - correct answer Any organization/business/individual who needs to keep track of their income, expenses, assets and liabiliti...

Sole Trader Advantages Correct Answer ⟨ No filing requirements; fees or professional advice needed for set up ⟨ One person, thus a complex organizational structure is not needed. Sole Trader Disadvantages Correct Answer ⟨ Not a particularly useful business form for raising capital (finding investors) -money is usually from bank loans or savings ⟨ Unlimited liability: if business fails creditors can come after your personal assets, ie., no difference from the trader and the busines...

2023 AQA GCSE BUSINESS 8132/2 Paper 2 Influences of marketing and finance on business activity Question Paper & Mark scheme (Merged) June 2023 [VERIFIED] GCSE BUSINESS Paper 2 Influences of marketing and finance on business activity Monday 12 June 2023 Afternoon Time allowed: 1 hour 45 minutes 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. • ...

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...

Primary activity - - extract raw materials - e.g. mining, farming, fishing, extraction (gas, oil, mineral water) Secondary activity - - manufacturing products - e.g. factories, mills, construction Tertiary activity - - provides a service - e.g. retailers, personal services, business services Private sector - - owned by individuals - e.g. TESCO PLC, Coca-cola Enterpises LTD Public sector - -owned by the state/government - e.g. NHS, Ofsted, The British Army, BBC, Local authority refuse co...