1778396
| Question | Answer |
| Sole Trader | a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses |
| Franchise | an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products |
| Franchisor | franchisor provides a licensed privilege to the franchisee to do business |
| Business | a person's regular occupation, profession, or trade |
| Unlimited Liability | Unlimited liability is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made. If the business is unable to meet any financial obligations or settle any outstanding liabilities, the owner's personal assets can be seized to satisfy the debts. |
| Business Plan | A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. |
| Market Share | the portion of a market controlled by a particular company or product |
| Market research | the action or activity of gathering information about consumers' needs and preferences |
| Tertiary Sector | the sector of an economy concerned with or relating to tertiary industry |
| Raw materials | the basic material from which a product is made |
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