Share CEEP Mindset 2 | Unit 5 | Speaking & Listening | Lead-in
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What does 'sole trader' mean?
A person who works alone in an office
A person who runs a business by themselves
A person who sells shoes
In a partnership business structure what do the owners share?
Only the profits
Only the work
Profits and responsibilities
What does 'limited liability' mean?
You can only work limited hours
You have limited control over the business
Your personal possessions are protected from business debts
Which tax do sole traders typically pay?
Business tax
Corporation tax
Income tax
What does it mean to 'borrow money' for a business?
To steal money
To ask friends for free money
To get a loan from a bank or lender
What are 'personal possessions'?
Things the company owns
Things you borrow from others
Things you own like your house and car
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?
The official UK government body that registers companies
A website for business advice
A building where companies meet
What does 'employ' mean?
To start a business
To hire someone to work for you
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 count your money
To give money that you owe to others
To receive money from customers
What are 'accounts' in business?
Financial records showing money in and out
Lists of customers
Stories about the business
What does 'straightforward' mean?
Honest and direct
Moving in a straight line
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 limited companies on their profits
Tax paid by individuals
The ______ of a business are the profits it makes after all expenses have been paid.
earnings
