what is unlimited liability?

• Personal possessions CAN be taken to repay a debt
• Personal possessions CANNOT be taken to repay a debt

What is a sole trader?

• One person who works for a business
• One person who sues a business
• One person who leaves a business
• One person who owns and runs a business

What happens in the primary sector?

• Raw materials are sourced
• Products are made
• Products/services provided to customers

What happens in the secondary sector?

• Raw materials are sourced
• Products are made
• Products/services provided to customers

What happens in the tertiary sector?

• Raw materials are sourced

• Products are made

• Services provided to customers

What sector would a SCHOOL be part of?

• Primary
• Secondary
• Tertiary

Which sector would a CAR FACTORY be part of?

• Primary

• Secondary

• Tertiary

What is a franchise?

• When a person buys from a business
• When a person buys the rights to a business
• When a person owns a new business
• When a person sues a business

What is a shareholder?

• A person who invests in a business
• A person who takes interest in a business

Which of the following is not an advantage of buying a franchise?

• Make more profit
• Access to a successful business idea
• Lower costs
• Have total control of a business