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Business Management Unit 1 - Small Business Decision Making 2.1, 2.2, 2.3, 2.4, 2.5 Flashcards | StudBud
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Business Management Unit 1 - Small Business Decision Making 2.1, 2.2, 2.3, 2.4, 2.5
Business Management Unit 1 - Small Business Decision Making 2.1, 2.2, 2.3, 2.4, 2.5
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Yr 11 Business Management quiz - small business decision making
Flashcards
13 cards
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Questions
13
Answers
1
Normally a partnership can have up to this many partners...
100
20
400
2
2
For an incorporated company, business owners are fully responsible for all business debts.
False
True
3
The inspiration for a new business concept might come from...
a dream
a business coach
a flyer in the mail
accessing government statistics
4
Which of the following is NOT a reason for starting a small business?
To be the boss and tell others what
Recognition of a market need
Monetary reward
Desire for freedom
5
A disadvantage of having an incorporated company is...
Owners have limited liability
Expensive to set up
Growth potential is limited
6
Which of the following is NOT an advantage of being a sole trader?
Less government regulation
Easy to set up
Limited liability for the owner
Less costly to operate
7
Which of the following is NOT an element of entrepreneurship?
Taking a risk
Cutting edge technology
Making a profit
Starting a new business
8
Which of the following is NOT an element of innovation?
Starting a brand new business
Improving an existing product
Improving an existing product
Improving an existing process
9
Which of the following is an example of an unincorporated business?
Company
Cooperative
Sole trader
Trust
10
A 'public company' business entity type is owned by...
The government
Morgan Freemen
It's members
Shareholders
11
Which of the following is NOT one of the steps to take when conducting market research?
Find a suitable market research company
Analyse the collected information
Collect the information
Identify what information is needed
12
In a partnership, the partners are fully responsible for all business debts.
True
False
13
Unlimited liability is when...
Business owner doesn't have to pay debts
The business owner can't be sued
the business owner is responsible for business debts
Business owner is the weakest player in the footy team
