Ice Breaker - All About Business

What is a sole trader?

• A person who is the exclusive owner of a business

• A group of people who own a business

• Two people who own a business

Start up costs are...

• the amount of money spent setting up a business

• Fixed Costs + Variable Costs

• money spent on a regular basis to keep a business running

• costs which change with output

What is an operating cost?

• Something a business pays before the company starts

• Something the company pays for their day to day running

• Something the company receives

• Something the company cant afford

Which of the following is the best definition of PROFIT?

• The total amount of income a business makes from selling products or services

• The total amount of money a business spends.

• The amount of money a business has left over after paying for their costs

If a business's costs exceeds it sales revenue, it will experience a …?

• loan

• loss

• profit

• debt

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership

• Corporation

• Sole Proprietorship

• Franchise

Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.

• Sole Proprietorship

• Corporation

• Partnership

• Franchise

What do you call an individual who sets up their own business?

• An enterprise

• A stakeholder

• An entrepreneur

What is it called when multiple business are trying to win the same customers?

• A competitive market

• A diverging market

• A monopoly

What is the name of a person who owns part of a corporation?

• Stakeholder

• Trust Agent

• Shareholder

• Entrepreneur