493293
Description
Quiz by jadepalmer98, updated more than 1 year ago
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Created by jadepalmer98
almost 11 years ago
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Question 1
Question
Why are businesses set up?
Answer
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Financial Reasons
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Personal Reasons - wanting to be their own boss
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They were told to
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To help others - by setting up a charity, for example
Question 2
Question
The most important aim for most businesses is to survive and make a profit
Answer
- True
- False
Question 3
Question
What qualities do entrepreneurs need?
Answer
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Initiative - to seek out business opportunities
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Money - to start up the business
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Leadership skills - to motivate workers
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The ability to think ahead and take risks
Question 4
Question
Identify an advantage of being a sole trader
Answer
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You can sell shares to family and friends
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They're easy to set up
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You have unlimited liability
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You don't get any holiday time as you have to look after your business
Question 5
Question
Which of these is a disadvantage of being a sole trader?
Answer
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You get to be your own boss
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You have unlimited liability
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You get to make all the decisions
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You can't bounce ideas off of other owners
Question 6
Question
How many partners make a partnership?
Answer
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2
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Up to 10
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2-20
Question 7
Question
Which of these are disadvantages of being in a partnership?
Answer
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You are all legally responsible for each other
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You have unlimited liability
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More capital put into the business
Question 8
Question
The paperwork relating to a partnership is called
Answer
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A partnership agreement
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A deed of partnership
Question 9
Question
Which of these are true about Private Limited Companies(PLCs)?
Answer
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You can sell shares on the stock exchange
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You have limited liability
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You must have a Memorandum of Association & Article of Association
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You are owned by shareholders
Question 10
Question
Limited Liability companies have their own identity
Answer
- True
- False
Question 11
Question
Which of these is the definition of a franchise?
Answer
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The right to sell another firm's products
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A shop that looks like and sells the same products as the 'mother' shop
Question 12
Question
Which of these are business aims?
Answer
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Survival
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Making a profit
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Growing
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Increasing market share
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Being environmentally sustainable
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Ethical considerations
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Keeping customers happy
Question 13
Question
Which of these is correct?
Answer
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An objective is a short term goal used like a stepping stone to reach the businesses aims
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An aim is a short term goal used like a stepping stone to reach the businesses objectives
Question 14
Question
SMART stands for Specific, Measurable, Achievable, Realistic, Time Scale
Answer
- True
- False
Question 15
Question
A business plan should include...
Answer
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Mission Statement
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Objectives of the business
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How much start-up capital will be needed
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Product description
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Aims of the business
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Credit history of parents/ guarantors
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