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Business
In business studies you are expected to know company forms, their rules and the core vocabulary. Lumi quizzes you on that base so you can move on to cases faster.
How to turn this subject into cards
Make one note per business form or basic concept, with how it is created, the owners’ liability and the tax treatment. Quiz yourself on the difference between two neighbouring forms. The trap is mixing up limited and unlimited liability. Lumi helps you retain definitions, conditions and characteristics.
Example card
Try it, Lumi turns it into fill in the blank questions in your browser.
Business · teach this card to Lumi
A sole proprietorship has no legal separation between the owner and the business. Shareholders of a company have limited liability, which caps their loss at what they invested. In the US, an LLC combines limited liability with pass-through taxation by default. Revenue minus cost of goods sold gives gross profit.
Lumi’s question
A _____ has no legal separation between the owner and the business.
Pick the missing word
Answer right to light Lumi up
Its lamp fades when a fact slips away.
Levels where Lumi offers this subject
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Teach this to Lumi
Give Lumi your business notes, it gives them back as questions at the right moment.