Business End of Year definitions

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  • Created by: Nabeel333
  • Created on: 18-06-15 14:25
Definition of Value added
This is the difference between the cost of the selling product and the price for the bought in materials (VA=SP-MBi)
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Definition of specialization
This is the process of assigning different tasks to workers to make a final product
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What is a business plan
A business plan is a document that contains important details of a business eg. Finance, objectives etc.
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What is a sole trading business
A business owned and controlled by only one person
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What is a partnership business
A business that is owned ad controlled by two people or more
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What is a partnership deed
This is a legal document that assists in solving disputes between partners by agreeing on common terms eg. What each person does
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In what case is a partnership a suitable form of business organization
When people want to control the business equally. When a group f professional wish to create a bussiness.
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What is limited liability
This basically means that the shareholders of the company do not incur any personal debts of the business as they are a seperate from the company
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Other cards in this set

Card 2

Front

This is the process of assigning different tasks to workers to make a final product

Back

Definition of specialization

Card 3

Front

A business plan is a document that contains important details of a business eg. Finance, objectives etc.

Back

Preview of the back of card 3

Card 4

Front

A business owned and controlled by only one person

Back

Preview of the back of card 4

Card 5

Front

A business that is owned ad controlled by two people or more

Back

Preview of the back of card 5
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