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Duplicate of Business Studies 1.4 TYPES OF BUSINESS ORGANISATION Flashcards | StudBud
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Duplicate of Business Studies 1.4 TYPES OF BUSINESS ORGANISATION
Duplicate of Business Studies 1.4 TYPES OF BUSINESS ORGANISATION
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IGCSE Business Studies Quiz
Flashcards
32 cards
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Questions
32
Answers
1
What is a Public Limited Company's
Annual General Meeting
?
Where Shareholders appoint the Board of Directors
Where Shareholders gossip about the Board of Directors
A legal requirement for all companies
A legal requirement for no companies
2
Which of these are TWO ADVANTAGES of being a Sole Trader?
You can pick your own Pumpkin
You can pick your own Strawberries
You can pick your own Hours
You can pick your own Holidays
3
Which of these is NOT a legal regulation when setting up Business as a Sole Trader?
Owner registers & sends accounts to Government Tax Office
Sole Trader observes laws of physics, inc. Boyle's Law
Name of Business registered with Registrar of Business Names
Sole Trader observes laws of Industry, inc. Health & Safety
4
What are the advantages of becoming a Franchisee?
Use of an established Brand name
Expansion of Business is faster
Franchisor pays for advertising, training & supplies
Chances of failure significantly reduced
5
What are the limitations of being a Public Limited Company?
Disclosure of accounts information
Legal formalities
Separation of Owner & Control
Expense of 'going public'
6
What are the disadvantages of Public Corporations?
No water when the sun is bright
No Competition in Government Sector
No Electricity in windy weather
No Shareholders to insist on Efficiency
7
What is a Business Partnership?
A Marriage
When 2 or more people jointly own a Business
A Never-ending Hell
When 2 or more people jointly disown a Business
8
What is a Franchise?
When a Franchisor buys a license from a Franchisee to sell
A Business based on a Band name already existing
A Business based on a Brand name already existing
When a Franchisee buys a license from a Franchisor to sell
9
What is a Public Corporation?
A Business that is Government Owned
A toilet
A Business that is Privately Owned
A Nationalized Business
10
Which of these is a DISADVANTAGE of being a Sole Trader?
Nobody to discuss new ideas with
Nobody to dance with
Nobody to sing with
Nobody to discuss new shoes with
11
What is Limited Liability?
When Business Shareholders only get their investment back
When Business Owners are totally irresponsible
When Business Shareholders only get their ice-cream back
When Business Owners are totally responsible for all debts
12
What is the most common form of Business Organization?
Soul Trader
Soul Taster
Sole Trader
Sole Turnip
13
What are Shareholders?
People who buy shares and don't own any of a Company
People who share things they can hold
People who buy things and sell them to Goblins
People who buy shares and own part of a Company
14
What is an Unincorporated Business?
A Business that has a separate legal identity
A Business that doesn't have a separate legal identity
One that doesn't operate on Tuesdays
One that isn't corporated
15
What is a Sole Trader?
A Business owned by a Partnership
The Devil doing Deals
A Fish Seller
A Business Owned by One Person
16
What are the benefits of being a Public Limited Company?
Rapid expansion is possible
Limited Liability for Shareholders
Able to sell shares to Public
There are none whatsoever
17
What is a Partnership Agreement?
When a bride & groom say "I do"
A written & legal agreement between Business Partners
When Business Owners shake hands
A verbal & legal agreement between Business Partners
18
What is a Joint Venture?
When 2 Businesses start a pop-band together
When 2 Businesses start a rock-band together
When 2 Businesses start a new project & share risk + capital
When 2 Businesses start an old project & don't share capital
19
What are the benefits of being a Private Limited Company?
There are no benefits
There are just too many to mention
Limited liability for Shareholders
Selling shares raises capital
20
Which of these is an ADVANTAGE of being a Sole Trader?
You can shoot employees when they annoy you
You are nobody's Boss and have no control whatsoever
You are your own Boss and in complete control
You can shoot employees when bored of them
21
What are the disadvantages of Franchises?
License fees paid to Franchisor, plus percentage of turnover
Poor management gives a bad reputation
Franchisees always hate Franchisors
Franchisee keeps profits from Franchise outlet
22
What utilities are Public Corporations in most countries?
Water & Electricity
Water & Air
Electricity & Air
Pots & Pans
23
Which of these are TWO ADVANTAGES of being a Sole Trader?
You get to keep all Profits
You get to keep Secrets
Close contact with Customers
Close contact with Aliens
24
Which of these is NOT an example of a Public Corporation/Organisation paid for by taxes?
Swimming Pools
Libraries
Theatres
Cinemas
25
What Sector are Public Limited Companies in?
Business Sector
Government Sector
Private Sector
Public Sector
26
What is an Incorporated Business?
A Company with the same legal identity to its owner
A Company with a separate legal identity to its owner
A Business on one floor of one building
A Business in a Cardboard Box
27
Which of these is an example of an Unincorporated Business?
Sole Traders
Partnerships
Apple
McDonalds
28
What is an example of a Public Limited Company?
MC Hammer
Tesco Ltd
J Sainsbury PLC
Notorious B.I.G.
29
What are the TWO DISADVANTAGES of a Business Partnership?
Partners can be brilliant & make masses of money
Partners don't have Limited Liability
Partners can be dishonest, disagree or die, ruining Business
Partners do have Limited Liability
30
What is Unlimited Liability?
When Business Owners are never responsible for any debts
When Business Owners are totally responsible for all debts
When Businesses succeed without limits
When Businesses fail without limits
31
What are the TWO ADVANTAGES of a Business Partnership?
Shared responsibilities and more motivation to succeed
More capital to increase chances of success
Shared responsibilities. and less motivation to succeed
More complications to decrease chances of success
32
Which of these are TWO DISADVANTAGES of being a Sole Trader?
Business will remain small
Lack of money to expand Business
Lack of money to buy Branded Goods
Business will remain huge
