Sherpa

Existing user?

Business

GCSE · AQA

QuestionsFlashcards

The Purpose & Nature of Businesses
Business Ownership
Setting Business Aims & Objectives
Stakeholders
Business Location
Business Planning
Expanding a Business
- Business Expansion
  11
- Economies & Diseconomies of Scale
  12

Technology
Ethical & Environmental Considerations
The Economic Climate
Globalisation
- How UK Businesses Compete Internationally
  7
- Exchange Rates
  5
Legislation
Competitive Environment
- Operating in Competitive Markets
  6
- Risks & Uncertainty
  9

Production Processes
- Producing Goods & Services
  5
- Efficiency in Production
  6
The Role of Procurement
The Concept of Quality
Good Customer Service
- Customer Service in Business
  6
- ICT & Customer Service
  6

Organisational Structures
- Key Principles of Organisational Structures
  11
- Management & Communication in Different Structures
  9
Recruitment & Selection of Employees
Motivating Employees
Training
- The Importance of Training
  6
- Methods of Training
  8

The Exam Papers
- Paper 1: Influences of Operations & HRM on Business Activity
  7
- Paper 2: Influences of Marketing & Finance on Business Activity
  5
Business Exam Skills
Structuring Your Responses

Sole Traders & Partnerships Flashcards

All 5 cards in this deck

What is a sole trader?: A business owned and run by one person, who may employ others but is the only owner.
What is a deed of partnership?: A document signed by all owners setting out the terms and obligations they must follow, including how profits are shared and who is responsible for debts.
Give two benefits to an entrepreneur of operating as a sole trader.: Easy and quick to set up with low start-up costs; the owner is in control of the business and keeps any profit made.
Give two drawbacks of operating as a sole trader.: The owner has unlimited liability, and long working hours and high stress are common as one person performs multiple roles.
Give two benefits of operating as a partnership rather than as a sole trader.: Partners share the workload and bring extra skills and experience; more capital is available because several owners can invest.