Glossary Page 3 0.0 / 5 ? Business StudiesGlossary Page 3ASAQA Created by: ScarlettwyvernCreated on: 27-11-14 17:18 Entrepreneur An entrepreneur is an individual who sets up and runs a new business and takes on the risks associated with the business. 1 of 10 Expenditure Budget An expenditure budget is the budget which sets out the expected costs to be incurred by the firm, usually split into various categories. 2 of 10 Fixed Costs Fixed costs are costs that do not vary with the level of output. 3 of 10 Franchisee A franchisee is the person or company which operates a franchised business format - under license from a franchisor. 4 of 10 Franchisor A franchisor is the owner of a franchise which is licensed out to other people or businesses. 5 of 10 Full Time Employee A full time employee is an employee who works more than 30 hours a week in a business. 6 of 10 Income Budget An income budget is the budget which sets out estimates of the likely demand for and value of the firm's sales. 7 of 10 Inputs Inputs is the resources that go into producing goods and services. 8 of 10 Limited Liability Limited Liability is when shareholders are only liable for the money they have invested - not for overall debts and liabilities of their company. 9 of 10 Location Location is the place from which a firm does business. 10 of 10
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