
Business Types
Flashcard
•
Business
•
10th - 12th Grade
•
Practice Problem
•
Hard
Ashleigh Dickinson
FREE Resource
Student preview

5 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a sole trader?
Back
A sole trader is one owner of a business, entitled to keep all profits after tax has been paid but liable for all losses too.
2.
FLASHCARD QUESTION
Front
What is a limited company?
Back
A limited company is a company whose owners are legally responsible for its debts only to the amount of money they invested.
3.
FLASHCARD QUESTION
Front
What is a partnership?
Back
A partnership involves two or more individuals who share management, profits, and losses.
4.
FLASHCARD QUESTION
Front
What is a chain in business terms?
Back
A chain shares a brand and central management, and usually has standardised business methods and practices for daily running.
5.
FLASHCARD QUESTION
Front
What is a franchise?
Back
A franchise is a business (franchisee) that legally uses someone else’s (franchisor’s) expertise, ideas, and processes.
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