Types
A business structure with only one owner
A Sole Trader
Who gets all the debt in a partnership?
The partners
Sole trader
1
What kind of business is a farmer:
- sole trader
- franchise
- corporation
- collaboration
Collaboration
Business
A company owned by someone with the intention of earning a profit
Income from selling goods or services minus the cost.
Profit
A business structure where 2 or more people start it together
Partnership
Who makes the important decisions in a Sole tradership?
The owner
Partnership
2- 20
What is an example of a Sole trader?
Dog walker/ baby sitter/ Tutor/ Tradie
Shareholder
Someone who holds a percentage of a company/ business
Money received from work done based on the number of hours worked (e.g. $50 per hour).
Wage
A business structure that has a parent business?
Franchise!
Is a franchise guaranteed success? Explain.
No - you buy the rights to work under the name and utilise key resources such as advertising expertise. It does not guarantee it will work in that location.
Franchise
Trick question..... 1 parent 1 independent
What is an example of a partnership?
Uber Au/ Warner bros./Lawfirms...
Debt
a sum of money that is owed to someone
As set amount of money paid to an employee per period (e.g. $1,500 per fortnight or $3,000 pet month).
Salary
Two classifications depending on whether or not it trades shares on the stock exchange.
Private and public
Give 1 disadvantage to being a shareholder in a corporation
Too many people, not enough profit!
1,3,4,6 - lose 400 points
2,5,7,8 - gift 400 points
9, 10 - double points (800!)
What is an example of a franchise?
Boost Juice /red rooster /Nandos/ McDonald/ HJ's
Liability
the state of being legally responsible for something.
Money that is earned from charging a household or business rent to occupy a building.
Rental income
A business structure with many shareholders
Corporation!
What's 1 advantage of a franchise?
You get all the resources and marketing tips whilst selling items at a higher price $$
OH NO - TOO GREEDY
Give 500 points to another team!
What is an example of a Corporation?
Arnott's/ Rio Tinto/ NAB
Asset
an item of property owned by a person or company, regarded as having value
Money received from the returns on an investment (e.g. from money deposited in the bank).
Interest