BTEC Business Unit 1 - Ownership Recap

An individual who supplies the capital, takes all the profits, but faces unlimited liability in the event of losses

• Partnership

• Sole Trader

• Cooperative

• Public Limited Company

Two or more people who set up business together and share all profits and losses. They usually have unlimited liability.

• Sole Trader

• Partnership

• Private Limited Company

• Cooperative

A business that is owned by shareholders

• Partnership

• Public Limited Company

• Cooperative

• Sole Trader

Which of the following parties are personally liable for company debts?

• Sole traders

• Shareholders of limited companies

• CEOs of limited companies

• The government

Which business sector would a business that catches fish be?

• Primary

• Secondary

• Tertiary

• Quaternary

What sector would a business that uses fish to produce ready meals be?

• Primary

• Secondary

• Tertiary

• Quaternary

What sector would a business that distributes ready meals be?

• Primary

• Secondary

• Tertiary

• Quaternary

What sector would a business that researches better ways of farming fish be?

• Primary

• Secondary

• Tertiary

• Quaternary

Select the purpose of these organisations: Environmental charity

• Not for profit

• Supply of services only

• Supply of products only

Select the purpose of these organisations: Pilates instructor

• Not for profit

• Supply of services only

• Supply of products only