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11BS Topic 1 - The Nature of Business Quiz Flashcards | StudBud
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11BS Topic 1 - The Nature of Business Quiz
11BS Topic 1 - The Nature of Business Quiz
20 terms
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StudBud Administration
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410 plays
#businessstudies #prelim #roleofbusiness #typesofbusinesses
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
How many employees does a medium business have?
21-199
Over 50
More than 200
Less than 20
2
An advantage of a sole trader...
Complete control
No tax on profits, only personal income
Difficulty in raising finance for expansion
End of business when owner dies
3
A disadvantage of a partnership...
Liability for all debts
No taxes on business profits, only personal income
Possibility of disputes
Low start up costs
4
Large businesses are usually owned by thousands of public shareholders
True
False
5
Quality of life refers to the amount of money you can earn
True
False
6
Choice = the ability for consumers to purchase a range of products at a competitive price
True
False
7
A partnership includes between 2 - 20 people
True
False
8
Which is the sector which deals with the production of natural resources
Primary industry
Quaternary industry
Tertiary industry
Secondary industry
9
Entrepreneurship is the ability for a person to turn an idea or passion into a livelihood
True
False
10
Factors influencing choice of legal structure include:
Size, employment, choice
Ownership structure, legal structure, ownership
Finance, ownership structure, innovation
Size, ownership structure, finance
11
Profit is what remains after all business expenses have been deducted from sales revenues
True
False
12
Innovation is the creation of a new product/service that did not previously exist
True
False
13
What sector is this image associated with?
Primary industry
Secondary industry
Care industry
Tertiary industry
14
A global business can also be referred to as...
A transnational corporation (TNC)
An international business
A national business
A world wide business
15
A stakeholder only includes the owners of a business
False
True
16
Limited liability limit's owners' financial liability to the amount they paid for their shares
False
True
17
Why are businesses important to the economy?
Encourages competition and can lower prices of goods/service
Encourages economic growth
Provides employment and income
Provides choice for consumers for products/services
18
Generally what number of employees will a small business have?
More than 50
20-199
Less than 5
Less than 20
19
Identify a stakeholder
Customers
Shareholders
Employees
Managers
20
How many employees does a large business have?
20 or more
20-199
200 or more
Less than 5
