Created by joel levitt
over 3 years ago
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Question | Answer |
what is an entrepreneur ? | an entrepreneur is someone who starts u a business with a main intention of making money and is willing to take risks. |
what is a sole trader ? | someone who owns a business on there own that gets all the profits but has unlimited liability. |
what is break even ? | when a business doesn't make a profit or a loss |
what does making a profit mean ? | when a business doesn't make a loss and only makes more money that they spent. |
what is a franchisee ? | an individual or company that holds a franchise for the sale of goods or the operation of a service. |
how does unlimited liability work ? | Unlimited liability means that the business owners are personally liable for any loss the business makes. Sole traders and partnerships often have unlimited liability. |
what is batch production ? | Batch production is a method of manufacturing where the products are made as specified groups or amounts, within a time frame |
what is job production ? | Job production, sometimes called jobbing or one-off production, involves producing custom work, such as a one-off product for a specific customer or a small batch of work in quantities usually less than those of mass-market products. |
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