business studies u4-u5

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sole trader
is a business owned by one person
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limited liability
means that the liability of shareholders in a company is only limited to the amount they invest in
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unlimited liability
means that the owners of a business can be held responsible for the debts of the business they own. their liability is not limited to the investment they made in the business
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partnership
is a form of business in which two or more people agree to jointly own a business
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partnership agreement
is a written agreement between business partners.
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unincorporated business
is one that does not have a separate legal identity.
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incorporated business
are companies that have separate legal status from their owners
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shareholders
are the owners of a limited company. they buy shares which represent part ownership of a company
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annual general meeting
is a legal requirement for all companies
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dividends
are payments made to shareholders from the profits (after tax) of a company
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joint venture
is when two or more businesses start a new project together sharing capital, risks and profits.
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franchise
is a business based upon the use of the brand names, promotional logos and trading methods of an existing successful business
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business objectives
are the aims or targets that a business works towards.
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profit
is total income of a business (sales revenue) less total costs
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market share
is the proportion of total market sales achieved by one business
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social enterprise
has social objectives as well as an aim to make a profit to reinvest back into the business
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stakeholder
is any person or group with a direct interest in the performance and activities of a business
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Other cards in this set

Card 2

Front

means that the liability of shareholders in a company is only limited to the amount they invest in

Back

limited liability

Card 3

Front

means that the owners of a business can be held responsible for the debts of the business they own. their liability is not limited to the investment they made in the business

Back

Preview of the back of card 3

Card 4

Front

is a form of business in which two or more people agree to jointly own a business

Back

Preview of the back of card 4

Card 5

Front

is a written agreement between business partners.

Back

Preview of the back of card 5
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