What is an advantage of a Partnership

Work can be shared amongst partners

Unlimited Liability means the owner is:

personally responsible for all debt incurred by the business

What are the top 4 food franchises in the world?

Subway, McDonalds, Starbucks, KFC

An advantage of a FRANCHISE is:

Operating procedures are already established

the concept and licence of the business

What is a disadvantage of a PARTNERSHIP

Less individual say in the running of the business

What is an advantage of being a SOLE TRADER

The owner has full control of the business

Unlimited liability in a partnership is:

is shared amongst all partners in the business

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BME Year 12: Business Ownership

21 termsStudBud Administration32 plays

Business Ownership Styles

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Questions 21

Answers

1
What is an advantage of a Partnership
Work can be shared amongst partners
Inexpensive to start
Disagreements between partners
Limited liability
2
A Publicly Listed Company:
appears on the Australian Stock Exchange
does not exist in Australia
A and D
is owned by shareholders
3
How many people can a partnership business have?
20
1
2-15
2-20
4
Unlimited Liability means the owner is:
not responsible for pay back any debt or loss of money
They have unlimited funds available to run their business
not liable for poor decision making
personally responsible for all debt incurred by the business
5
A not for profit organisation's profits go
to the cause they are supporting
to the operation of the business only
to the business
Both B and C
6
Which Australian charity is the most successful in terms of money raised?
Red Nose Foundation
Oxfam Australia
Mo-vember Foundation
Cancer Council
7
What are the top 4 food franchises in the world?
McDonalds, Taco Bell, Starbucks, Gill Street Cafe
Subway, McDonalds, Starbucks, KFC
McDonalds, KFC, Taco Bell, Wendy's
McDonalds, Starbucks, KFC, Taco Bell
8
An advantage of a FRANCHISE is:
Owner has full control of all business decisions
A and C
Operating procedures are already established
Well established brand and or product
9
A franchisor owns:
the entire company or business
the concept and licence of the business
the ideas and concepts of the business
all the profit
10
What is a disadvantage of a PARTNERSHIP
Less individual say in the running of the business
You can rely on the Partnership Agreement if things go wrong
Easy to set up
Cost effective
11
What is an advantage of being a SOLE TRADER
It is easy to establish
You can reply on partners to support you
The owner has full control of the business
Limited Liability
12
Which business tycoon made a guest appearance in Home Alone 2: Lost in New York?
Bill Gates
Tom Brady
Donald Trump
Dr Ian Anthony
13
Unlimited liability in a partnership is:
not applicable to a partnership
applies to the partner who makes wrong financial decisions
is shared amongst all partners in the business
applies to those who contribute the least
14
What type of business ownership is:
Partnership
Company
Public Company
Sole Trader
15
How many McDonald's franchises are there in WA alone?
100091
1072
10058
869
16
Trumps Net Worth Is:
96.2 Billion
15.4 Billion
3.1 Billion
1.2 Billion
17
What type of business ownership is:
Private Company
Partnership
Public Company
Small Proprietary
18
What type of Ownership is this business?
Company
Not For Profit
Sole Trader
Franchise
19
What type of business ownership is:
Private Company
Company
Partnership
Public Company
20
What type of business ownership is:
Partnership
Company
Not For Profit
Sole Trader
21
Which of the following is not a type of business ownership
Boutique
Company
Not for Profit
Sole Trader

BME Year 12: Business Ownership Flashcards | StudBud