Starting a business 0.0 / 5 ? Business StudiesStarting a businessGCSEAQA Created by: gh32Created on: 14-12-15 10:32 Name the 3 main types of ownership? Sole trader, partnership and Private limited company 1 of 17 what are some advantages of a sole trader? Simple and quick to set up, profit is kept by the owner 2 of 17 what are some disadvantages of a sole trader? its unlimited liability and is reliant on the owners health 3 of 17 what are some advantages of a partnership? easier to come up with ideas as its more people to think of them and one person isnt responsible for all the business 4 of 17 what are some disadvantages of a partnership? unlimited liability for the owners and they may have disagreements 5 of 17 what are some advantages of PLC? the debts are paid by the business and the owner pays less personal tax 6 of 17 what are some disadvantages of a PLC? The business will have to pay more tax and will cost more to set up 7 of 17 what is an objective? A clearly defined target for a business to achieve over a period of time 8 of 17 what is an aim? A stated target for the future 9 of 17 what is a stakeholder? A group of people that have an influence on a business or are affected by a business 10 of 17 what factors affect where a business will be located? Price, availibility, product, popularity and competition 11 of 17 what is the primary sector? A business involved in collecting natural resources or using the land like forestry, fishing, oil and gas 12 of 17 what is the secondary sector? businesses that turn natural resources into goods like manufacturing and construction 13 of 17 what is the tertiary sector? businesses that provide a service like hotels, education and health 14 of 17 what is a social enterprize? A business that achieves a reward for society and can be in any three sectors 15 of 17 what is a smart objective? specific, measurable, achievable, realistic and timed 16 of 17 What is a business plan? A statement showing how a business sets out to achieve its aims and objectives 17 of 17
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