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 sells shoes
A person who runs a business by themselves
In a partnership business structure what do the owners share?
Only the profits
Only the work
Profits and responsibilities
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?
Corporation tax
Business 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 you borrow from others
Things the company owns
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 building where companies meet
A website for business advice
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 receive money from customers
To give money that you owe to others
To count your money
What are 'accounts' in business?
Stories about the business
Lists of customers
Financial records showing money in and out
What does 'straightforward' mean?
Honest and direct
Moving in a straight line
Simple and easy to understand
What does 'structure' mean in business?
How a business is organized and set up
The building where business operates
The products a business sells
What is 'corporation tax'?
Tax paid by limited companies on their profits
Tax paid by individuals
Tax on buying products
The ______ of a business are the profits it makes after all expenses have been paid.
earnings
