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...

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...

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 - 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) ...

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...

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...

AQA A level Business - Unit 1 All Answers Correct Key issues with different forms of business Market capitalisation and Dividends. Budgets Unlimited/ limited liability, Ordinary share capital, Agreed ceiling on the monthly spending by any department or manger. Corporate Objectives Targets for the whole business, such as profit to rise by 20% a year for the next 3 years for the whole business. Delegated Entrepreneur Mission Decision making power is passed down the th...