IGCSE Business Studies: Topics 4 & 5

___ is a business that is owned by one person.

___ is a business that is jointly owned by two or more people.

___ is when the liability of owners/shareholders is limited to the amount invested. Personal possessions are not at risk.

An ___ is a business with separate legal identify from its owners, e.g. a limited company.

An ___ is a business without separate legal identity from its owners, e.g. a sole trader or partnership.

A ___ limited company is a business owned by shareholders but it cannot sell shares to the public.

A ___ limited company is a business owned by shareholders but it can sell shares to the public and its shares are tradable on the Stock Exchange.

___ are the owners of a limited company.

___ are payments made to shareholders from the profits (after tax) of a company.

A ___ is a business that uses, under license, the brand name, logo and trading methods of an existing business. The franchisor sells the license; the franchisee buys the license.