Types of Businesses

A business model that allows individuals to invest in an organisation that already exists and run on their own (following regulations).

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation is run and operated by one individual.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation is made up of at least 5 members who contribute to the running of the business.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation run and operated by 2 or more individuals.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

An organisation run by 2 or more individuals and is one which is considered a separate legal entity.

• Sole Traders

• Partnerships

• Corporations

• Cooperatives

• Franchises

Artificial intelligence (AI) is more than just an imaginative creation of science fiction movies. AI gives machines and robots the ability to think and act more like humans.

• True

• False

Sole Trader has the sole responsibility of running a business and is easier to set up.

• Advantage

• Disadvantage

Which are three advantages of Cooperatives?

• Make each other feel values as there are no titles and everyone is equal.

• Equal Voting Rights

• Shared Responsibility

• Frequent Disagreements

Companies are more expensive and tricky to set up and maintain than proprietorships or partnerships, but they protect the owner(s) by providing them with...

• Limited Trust

• Limited Hope

• Limited Liability

• Liability Limited

Subway, McDonald's and Hungry Jack's are all examples of a _________ business.

• Food

• Franchises

• Sole Traders

• Shop