Understanding Business Structures

What does "business structure" mean?

• The physical building of a business

• The way a business is legally set up

• The employees of a business

• The financial status of a business

• The business’s marketing plan

What does "sole trader" mean?

• A person who works alone but does not own a business

• A business that has two or more owners

• A business owned and run by one person

• A large company with many employees

• A government organization

What does "inexpensive" mean in this sentence?

• Requires little money

• Costs a lot of money

• Difficult to set up

• Needs a lot of paperwork

• Illegal to start

What does "full control" mean?

• The owner makes all decisions

• The government controls the business

• The owner must consult others before deciding

• The business has a board of directors

• Employees share decision-making

What does "profits" mean?

• Money left after paying business expenses

• Money the business loses

• Employee salaries

• The total revenue of a business

• Taxes paid to the government

What does "paperwork" mean?

• Business-related documents

• Employee contracts

• Business advertisements

• Training materials

• Customer agreements

What does "strict regulations" mean?

• Very strong official rules that must be followed

• Flexible rules that businesses can ignore

• Extra fees paid by businesses

• Business profits

• Employee wages

What does "unlimited liability" mean?

• The owner must pay all business debts

• The business is not responsible for debts

• The government pays business debts

• Business losses do not affect the owner

• Employees are responsible for debts

What does "freelancer" mean?

• A self-employed person working independently

• A company employee

• A factory worker

• A business with many partners

• A government worker

What does "flexible" mean?

• Easily changed or adapted

• Very strict

• Not allowed to change

• Difficult to manage

• Always expensive