Share CEEP Mindset 2 | Unit 5 | Speaking & Listening | Lead-in
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What does 'sole trader' mean?
A person who runs a business by themselves
A person who works alone in an office
A person who sells shoes
In a partnership business structure what do the owners share?
Only the work
Only the profits
Profits and responsibilities
What does 'limited liability' mean?
You have limited control over the business
You can only work limited hours
Your personal possessions are protected from business debts
Which tax do sole traders typically pay?
Income tax
Business tax
Corporation tax
What does it mean to 'borrow money' for a business?
To get a loan from a bank or lender
To steal money
To ask friends for free money
What are 'personal possessions'?
Things you own like your house and car
Things the company owns
Things you borrow from others
What does 'register' a business mean?
To write down your business ideas
To advertise your business
To officially record your business with the government
What is Companies House?
A building where companies meet
A website for business advice
The official UK government body that registers companies
What does 'employ' mean?
To hire someone to work for you
To start a business
To use equipment
What are 'earnings'?
The money you make from work or business
The hours you work
The things you learn
What does 'pay debts' mean?
To give money that you owe to others
To count your money
To receive money from customers
What are 'accounts' in business?
Lists of customers
Stories about the business
Financial records showing money in and out
What does 'straightforward' mean?
Honest and direct
Simple and easy to understand
Moving in a straight line
What is a 'contract'?
A building plan
A legal agreement between two parties
A type of business
What does 'advantage' mean?
A problem
A type of business structure
A benefit or positive point
What does 'disadvantage' mean?
A negative point or problem
A benefit
A business opportunity
