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Business AS Level Chapter 2 Business Structure Flashcards | StudBud
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Business AS Level Chapter 2 Business Structure
Business AS Level Chapter 2 Business Structure
20 terms
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StudBud Administration
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2,433 plays
Students will be assessed on their knowledge of business structure.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Two or more businesses agree to work closely together on a particular project or a separate business.
Joint Venture
Partnership
2
Public limited company is a limited company, often a large business with the legal right to sell shares to the public
False
True
3
What form of business sector directly deals with extracting resources from nature?
Secondary
Primary
None of the above
Tertiary
4
GDP (Gross Domestic Product) is defined as?
Supply and Demand Curve
Total international output (exports and imports)
Total monetary value of all final goods and services produced in a country
The amount of buffer inventory readily available
5
Shareholder is a person or institution owning shares in a limited company.
True
False
6
AstraZeneca like Pfizer and Moderna is a global research bio-pharmaceutical company, which sector of business is this?
Secondary
Tertiary
Primary
Quaternary
7
Limited liability is the potential loss a shareholder has if the company fails.
False
True
8
A private limited company is a family owned small or a medium sized business i.e. (Cargill, Dell, Koch, Mars and Publix)
True
False
9
Which is not a benefit of a private limited company?
Greater status than an unincorporated business
Separate legal personality
Continuity
Capital cannot be raised by sale of shares to the general public
10
_______ is a business enterprise owned and controlled by the state (government).
Private Corporation
Public Corporation
11
Which is not a learning objective for Business Structure
Understand the differences between the private sector and public sector
Understand what business activities involves
Identifying forms of legal organizations of a business
Classification of business into primary, secondary, or tertiary sectors
12
Which is not a private company
Chase Bank
TD Bank
Dade County Federal Credit Union
Bank of America
13
What type of economy is controlled by the government?
Constitutional-Socialism Economy
Free Market Economy
Command Economy
Mixed Economy
14
Which are disadvantages of being a Sole Trader?
Owner has complete control
Unlimited liabilities
Easy to set up, no legal form
Difficult to raise additional capital
15
What form of business sector directly deals with manufacturing goods?
Burberry manufacturing clothing, sunglasses and shoes
Ford Manufacturing Plant
All the above
Mass production of Coca Cola and Pepsi sodas
16
Which is not a benefit of having a Franchise? (McDonald's, KFC or NFL)
Supplies obtained from established and quality-checked
Fewer chances of new business failing
Franchiser agrees not to open another another branch in the local area
Strict rules over pricing and layout
17
Name of the company, address of the head office, share details; the SEC regulates this for limited liability companies
Proposed Franchise
Order of Association
Article of Association
Memorandum of Association
18
What type of economy exist in the United States?
None of the above
Command Economy
Free Market Economy
Mixed Economy
19
Chevron gas station is a tertiary business
True
False
20
Which is a disadvantage of having a partnership?
Unlimited liability for all partners
Partners may specialize in different areas of business management
Shared responsibilies of duties
Additional capital injected by each partner
