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

AQA A-LEVEL BUSINESS QUESTIONS AND ANSWERS 100% SOLVED What are common business objectives? Profit Growth Survival Cash flow Social Ethical Objectives should be "SMART". What does this mean? They should be: Specific Measurable Agreed Realistic Time related What is a mission statement? A brief written statement about the purpose of a company or organisation What are corporate aims? Long term plans to fulfil the mission statement What are corporate objectives? Medium to long term quantifiabl...

AQA A-LEVEL BUSINESS ALREADY RATED A+ What are common business objectives? Growth Survival Cash flow Social Ethical Profit Objectives should be "SMART". What does this mean? Specific Measurable Agreed Realistic Time related What is a mission statement? They should be: A brief written statement about the purpose of a company or organisation What are corporate aims? Long term plans to fulfil the mission statement What are corporate objectives? ...

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 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...

AAT Level 2 - Bookkeeping Transactions Exam Questions and Answers 100% Solved Guaranteed Success What is the purpose of accounting? - To record and classify the businesses transactions accurately. What are the three types of business entities? - Sole Trader Partnership Limited Company What is a sole trade business? - The simplest form of business which is managed and owned by one person who is responsible for the profits and debts of the business. What is a partnership? - A business o...

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Principal Learning Manufacturing & Product Design MP201 Paper 01 Running a Manufacturing Business Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world’s leading learning company. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information, please call our GCE line on , our GCSE team on 0844 576 0027, or visit our qualifications website at . For i...

What is vat charged on - Answer The sale of taxable supplies by a taxable person What is a taxable person - Answer a sole trader, partnership, limited company, club or association making taxable supplies What is a taxable supply - Answer One one which output vat is chargeable and input vat can be recovered and will be zero rated, reduced rated or standard rated. When will the vat rates differ from normal - Answer Before 2011. This is particularly applicable when looking at purch...

OCR GCSE Business Paper 1 Exam With 100% Correct Questions And Answers Business plan - Is a simple plan which sets out details on the product or service being sold, where the finance is to come from to start the business, how the product is to be marketed and the market research carried out. Finance - Finance is needed to start a business - maybe a loan or grant. Success - For a business can take many forms, including making a profit, surviving and providing a good service. Resources...