| Question | Answer |
| Incorporation is the process that businesses go through to become a R…….. company and a separate E….. ? | registered company and separate entity
|
The name given to the owners of a incorporated business? | shareholders
| If a company is an unincorporated business what does this mean? | it is not a registered company so the business and the owner are treated as one
| Two examples of an unincorporated business? | sole trader and partership
| What is a propriety? | a private company
| Identify the what limited and unlimited liability means? | limited liability means that the shareholders in a company cannot be held responsible for the debts of the business. Unlimited liability means that the owners eg sole trader and partners are responsible for the debts of the company
| Explain why incorporated businesses have limited liability? | shareholders only lose the amount they invested in the business and no more
| All decision-making in an incorporated business is taken by whom? | Director
| Directors in large companies have limited liability unless they give a false account of the company’s F.. position? | Financial
| The name of the type of business where beneficiaries are members? | Trust
| A democratic organisation owned and controlled by the people it serves? | Co-operative
| ? is the development of something new - to satisfy a consumer need that is not being satisfied eg computers (1970’s)? | Innovation
| These are the activities undertaken to improve existing products, create new products or improve production? | Research and Development
| the features of a market into which a new product or service is to be introduced (customers, competition and potential for growth? | Market Conditions
| Buying an established business and selling its products/service? | Franchise
| The name of the organisation that grants a franchise? | Franchisor
| The name given to a person who invests in a partnership but doesn’t get involved in the running of the business? | Sleeping Partner
| The name given to the monetary value attached to the reputation of a business? | |
