GCSE Business Mock Revision 1

Which of the following is not an advantage of buying a franchise?

• Make more profit
• Access to a successful business idea
• Lower costs
• Have total control of a business

Which of the following is a benefit of writing a business plan?

• It takes time
• You use a word processor
• You choose what you want to do
• You identify risks

What benefit does limited liability give an entrepreneur?

• More sales
• Access to greater market information
• Reduced number of competitors
• Protection of personal assets

Which of these is not a reason for starting a business?

• To have more time to yourself
• To make a living from something you are interested in doing
• To make money
• To be in control of your own future

Select all the qualities of entrepreneurs below?

• Hardworking

• Risk Taking

• Stubborn

• Over confident

• Organised

What sector of the economy?

• Primary

• Secondary

• Tertiary

A hospital would be part of which sector of the economy?

• Primary

• Secondary

• Tertiary

Unlimited liability is a disadvantage of which ownership?

• Sole Trader

• Partnership

• Sole Trader & Partnership

• Private Limited Company (Ltd)

How many people can be in a partnership?

• 2

• 2-10

• 2-20

• 2-100

Select all of the statements that are true about PLC's

• Anyone can buy shares

• They have limited liability

• They are owned by shareholders

• The accounts are private