Business 1.4

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  • Created by: Morgans
  • Created on: 05-03-14 22:11
Name 3 advantages of being a sole trader
It is very easy to set up, you get to keep all the profit and you only need a small amount of capital
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Name 3 disadvantages of being a sole trader
Unlimited liability, its difficult to raise money to expand and there is no one to help if things go wrong.
2 of 15
What is the difference between a LTD and a PLC?
In a LTD shares can be bought by the public on the stock market, whereas a PLC can only sell its shares to members of the business.
3 of 15
What are the 4P's of marketing?
Product, Place, Price and Promotion
4 of 15
Name 3 employment laws
Equal Pay Act, Sex Discrimination and Race Relations
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Why have these laws been created?
To protect everyone.
6 of 15
What are the 3 categories when choosing a business name?
Related to a persons name, relate to the business and obscure.
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Are income tax and business rates direct or indirect taxes?
Direct taxes
8 of 15
Are VAT and stamp duty direct or indirect taxes?
Indirect taxes
9 of 15
Who pays income tax/
Anyone who has an income eg. employees and sole traders.
10 of 15
What is corporation tax on?
LTD and PLC
11 of 15
Who pays national insurance contributions?
a business that employs workers, employees and self employed people.
12 of 15
What are the 10 stages of getting worker in order.
identify vacancy, write job description, write person specification, locate the employee, advertise the job, review applications, interviews, references, job offer and job acceptance.
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Name 3 examples of finance motivation.
Increase in pay, Bonus schemes and shares in the company.
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Name 3 examples of non-monetary rewards.
Company car, free health care and on-sire creche.
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Other cards in this set

Card 2

Front

Name 3 disadvantages of being a sole trader

Back

Unlimited liability, its difficult to raise money to expand and there is no one to help if things go wrong.

Card 3

Front

What is the difference between a LTD and a PLC?

Back

Preview of the front of card 3

Card 4

Front

What are the 4P's of marketing?

Back

Preview of the front of card 4

Card 5

Front

Name 3 employment laws

Back

Preview of the front of card 5
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