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CEEP Mindset 2 | Unit 5 | Speaking & Listening | ...

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  • The __________ are the financial records of a firm’s transactions.
    accounts
  • 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
  • The ______ of a business are the profits it makes after all expenses have been paid.
    earnings
  • A __________ is a business owned and operated by one person.
    sole trader
  • What are 'accounts' in business?
    Stories about the business
    Lists of customers
    Financial records showing money in and out
  • ________ represent ownership in a company and can be bought and sold.
    shares
  • In a partnership business structure what do the owners share?
    Only the profits
    Only the work
    Profits and responsibilities
  • What is 'corporation tax'?
    Tax paid by limited companies on their profits
    Tax on buying products
    Tax paid by individuals
  • What does 'employ' mean?
    To hire someone to work for you
    To use equipment
    To start a business
  • A __________ is a business owned by two or more people who share the profits and responsibilities.
    partnership
  • What does 'straightforward' mean?
    Simple and easy to understand
    Moving in a straight line
    Honest and direct
  • Companies need to __________ to avoid bankruptcy.
    pay debts
  • __________ is a tax imposed on the profits of a corporation.
    Corporate tax
  • Running a business involves various ______, such as rent, salaries, and utilities.
    expenses
  • What are 'earnings'?
    The hours you work
    The money you make from work or business
    The things you learn
  • What does 'structure' mean in business?
    How a business is organized and set up
    The products a business sells
    The building where business operates
  • What does 'pay debts' mean?
    To count your money
    To give money that you owe to others
    To receive money from customers
  • A ________ is an individual or institution that owns shares in a company.
    share holder
  • What is Companies House?
    A website for business advice
    The official UK government body that registers companies
    A building where companies meet
  • Which tax do sole traders typically pay?
    Business tax
    Income tax
    Corporation tax
  • What are 'personal possessions'?
    Things you borrow from others
    Things you own like your house and car
    Things the company owns
  • 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 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
  • __________ are legal agreements between two or more parties.
    Contracts
  • 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
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