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1.4.1. The options for start-up and small businesses GCSE Business Edexcel Flashcards | StudBud
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1.4.1. The options for start-up and small businesses GCSE Business Edexcel
1.4.1. The options for start-up and small businesses GCSE Business Edexcel
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1.4.1. The options for start-up and small businesses GCSE Business Edexcel
Flashcards
13 cards
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Questions
13
Answers
1
The Deed of Partnership is a legal document outlining the rules of the partnership.
False
True
2
Which TWO of the following are features of limited liability?
No protection provided for personal assets
Owner is responsible for business debt
Liability is equal to the value of shares that the owner has invested in
Owner is not responsible for the debts of the business
3
Which of the following is NOT an advantage of being a sole trader?
Keeps all the profits
Can make own decisions and have full control
It is generally quick and easy to set up the business
May have to work long hours and have lots of responsibility
4
A business that is owned and controlled by one person is called a...
Public limited company
Private limited company
Sole trader
Partnership
5
Select TWO advantages of being a franchise.
Risk that one bad franchise can affect the reputation of the whole business
The franchisee keeps a large portion of the profits
It is a quick way to expand into new locations
The franchisee will provide most of the start-up capital
6
Which of the following is NOT a type of business ownership?
Limited company
Creditorship
Sole trader
Partnership
7
Shares in a private limited company can be sold publicly on the stock market.
True
False
8
A sole trader will appoint a board of directors who are responsible for the day-to-day running of the business.
False
True
9
The right given by one business to another to sell goods using its name is called a...
Private limited company
Sole trader
Franchise
Partnership
10
Which TWO types of legal structure have unlimited liability?
Partnership
Sole trader
Private limited company
Public limited company
11
Which TWO of the following are advantages of being in a partnership?
Finance can be raised by selling shares
Shared responsibility for business debts
Shared responsibility and decision making
Can benefit from tax-exemptions
12
Which TWO of the following are disadvantages of operating as a private limited company?
Shareholders and directors may have different views
Have to publish business accounts
Are at risk of a takeover by other companies
Shares cannot be sold publicly
13
Which of the following types of businesses is NOT likely to be a partnership?
Vets
Dog walker
Dentist
Solicitors
