Business End of Year definitions 3.0 / 5 based on 1 rating ? Business Studies-IGCSEAll boards Created by: Nabeel333Created on: 18-06-15 14:25 Definition of Value added This is the difference between the cost of the selling product and the price for the bought in materials (VA=SP-MBi) 1 of 8 Definition of specialization This is the process of assigning different tasks to workers to make a final product 2 of 8 What is a business plan A business plan is a document that contains important details of a business eg. Finance, objectives etc. 3 of 8 What is a sole trading business A business owned and controlled by only one person 4 of 8 What is a partnership business A business that is owned ad controlled by two people or more 5 of 8 What is a partnership deed This is a legal document that assists in solving disputes between partners by agreeing on common terms eg. What each person does 6 of 8 In what case is a partnership a suitable form of business organization When people want to control the business equally. When a group f professional wish to create a bussiness. 7 of 8 What is limited liability This basically means that the shareholders of the company do not incur any personal debts of the business as they are a seperate from the company 8 of 8
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