business revision for mocks
joel levitt
Flashcards by joel levitt, updated more than 1 year ago
joel levitt
Created by joel levitt over 1 year 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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