S3 Mid-Unit Revision

How many people own a sole trader business?

• One person

• 2-20

• Over 20

How many people own a partnership business?

• One person

• 2-20

• Over 20

An entrepreneur is

• Someone who works for a company

• Someone who has started their own business

• Someone who provides a service

Select the advantages of being a sole trader

• Keep all the profits

• Get to choose working hours

• Nobody to share workload with

• Split profits

Select the disadvantages of being a sole trader

• Keep all the profits

• Get to choose working hours

• Nobody to share workload with

• Nobody to cover when off sick

Select the disadvantages of being in a partnership

• Keep all the profits

• Arguments might occur

• Nobody to share workload with

• Split profits

Select the advantages of being in a partnership

• Partners can bring different skills to the business

• Arguments might occur

• Workload can be shared

• Split profits

Which sector of the economy does Nike operate in

Which sector of the economy does the NHS operate in

Which sector of the economy does Cancer Research operate in