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?
Profits and responsibilities
Only the profits
Only the work
What does 'limited liability' mean?
Your personal possessions are protected from business debts
You have limited control over the business
You can only work limited hours
Which tax do sole traders typically pay?
Income tax
Corporation tax
Business tax
What does it mean to 'borrow money' for a business?
To steal money
To get a loan from a bank or lender
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 advertise your business
To write down your business ideas
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 start a business
To use equipment
To hire someone to work for you
What are 'earnings'?
The hours you work
The things you learn
The money you make from work or business
What does 'pay debts' mean?
To give money that you owe to others
To receive money from customers
To count your money
What are 'accounts' in business?
Lists of customers
Financial records showing money in and out
Stories about the business
What does 'straightforward' mean?
Moving in a straight line
Honest and direct
Simple and easy to understand
What does 'structure' mean in business?
The products a business sells
The building where business operates
How a business is organized and set up
What is 'corporation tax'?
Tax on buying products
Tax paid by individuals
Tax paid by limited companies on their profits
The ______ of a business are the profits it makes after all expenses have been paid.
earnings
