Across
- 1. where the government owns and runs business ventures. Their aim is to provide essential public goods and services (schools, hospitals, police etc.) in order to increase the welfare of their citizens, they don’t work to earn a profit. It is funded by the taxpaying citizens’ money, so they work in the interest of these citizens to provide them with services.
- 2. how much of the capital will come from savings and how much will come from borrowings
- 6. As only one owner/investor is there, the amount of capital invested in the business will be very low. This can restrict growth and expansion of the business. Their only sources of finance will be personal savings or borrowing or bank loans (though banks will be reluctant to lend to sole traders since it is risky).
- 10. brief summary of the key features of the business and the business plan
- 12. arguments may occur between partners while making decisions. This will delay decision-making.
- 13. a good or service essential for living. Examples include water and food and shelter.
- 15. If the owner dies or retires, the business dies with him/her.
- 16. educational background and what any previous experience in doing previously
Down
- 1. since it is a small form of business, the owner can easily create and maintain contact with customers, which will increase customer loyalty to the business and also let the owner know about consumer wants and preferences.
- 3. he sole trader has full control over the business. Decision-making is quick and easy, since there are no other owners to discuss matters with.
- 4. where private individuals own and run business ventures. Their aim is to make a profit, and all costs and risks of the business is undertaken by the individual. Examples, Nike, McDonald’s, Virgin Airlines etc.
- 5. Since there is only one owner, the sole owner has to undertake all running activities. He/she doesn’t have anyone to share his responsibilities with. This workload and risks are fully concentrated on him/her.
- 7. a good or service that people would like to have, but is not required for living. Examples include cars and watching movies.
- 8. Partners can invest more capital than what a sole trade only by himself could.
- 9. Similar to sole traders, very few legal formalities are required to start a partnership business. A partnership agreement/ partnership deed is a legal document that all partners have to sign, which forms the partnership. There is no need to publish annual financial accounts.
- 11. indication of the cost of producing the product or service, the prices it proposes to charge for the products
- 14. name and address of the business and detailed description of the product or service being produced and sold; how and where it will be produced, who is likely to buy it, and in what quantities