Year 10 Business Preparation Revision

Identify the stages of the business life cycle from the options below.

• Seed

• Decline

• Post-Maturity

• Expansion

Identify the option which has the correct order of the business life cycle from beginning to end.

• Seed, Growth, Start up, Maturity, Post Maturity

• Seed, Start up, Maturity, Growth, Post Maturity

• Seed, Start up, Growth, Maturity, Post Maturity

• Seed, Start Up, Growth, Maturity, Decline

Identify the stage of the business life cycle being described. There is expansion of the business and at the same time new competitors emerge. At this stage, the business must ensure there is quality recruitment and training to ensure staff can cope with the expansion.

• Seed

• Start-up

• Growth

• Maturity

Identify the stage of the business life cycle being described. A clear business plan is now established and this is this is considered as the riskiest stage. It is imperative that the business responds to feedback from stakeholders in a timely manner.

• Seed

• Start-up

• Growth

• Maturity

Identify the stage of the business life cycle being described. This is considered as the longest stage where profits are fairly stable. The business can risk losing competitiveness by not adding new products to their range. The business must reduce costs.

• Seed

• Start-up

• Growth

• Maturity

Identify the types of ownership structures from the list below.

• Public Company

• Partnership

• Private Company

• Sole Trader

UNLIMITED Liability is where:

• The owner has to make the financial records publicly available

• The business owner is liable for all debts of the business and the owner's personal assets, such as a house or car, can be sold to cover the business debt.

• The business owner is only personally liable for the business debt to the level of their investment in the company. Personal assets cannot be sold to cover the business debt.

• The owner has unlimited control over how much they spend.

Identify the legal ownership structure being described. This structure has between 2 and 20 people and there is unlimited liability for the partners. An example is a law firm.

• Sole Trader

• Partnership

• Private Company

• Public Company

Identify the legal ownership structure being described. This structure can have unlimited shareholders have Ltd (limited) in the business name. These companies have limited liability and must make their financial records publicly available. An example is JB Hi-Fi Ltd.

• Sole Trader

• Partnership

• Private Company

• Public Company

Identify the advantages of a sole trader from the list below. There is more than one answer.

• Owner makes all decisions

• Limited Liability

• Easy to establish

• Retain all profit