REVIEW BUSINESS

Jacobs decide to employ a new manager who would be interested in this decision?

• Employees, managers and owner
• Customers, government and banks
• Suppliers, banks and local community
• Banks, government and suppliers

What are stakeholders?

• People who are interested in or affected by the business

• Businesses who spy on other businesses

• People who eat steak

• Only the employees of the business

In a partnership, each partner is liable for all the debts of the business if the business fails.

• true
• false

What is the simple difference between a public and private limited company?

• A public limited company is public and a private limited company is private.

• There are no differences.

• The public limited company can quote shares in a stock exchange while a private limited company cannot.

• One does not deal with shares while the other does.

Disadvantage of a Sole trader:

• Expensive to create

• Hard to employ people

• Doesn't generate much profit

• Unlimited liability

A public limited company...

• Is easier to set up than a private limited company
• Needs to have a minimum of 10 shareholders
• Has unlimited liability
• Must publish all of their accounts to the public

Which of the following is the best definition of REVENUE?

• The total amount of income a business makes from selling products or services
• The amount of money a business has LEFT over after paying for their costs.
• The total amount of money a business spends.
• The amount of money a business loses every month.

Which of the following is the best definition of PROFIT?

• The total amount of income a business makes from selling products or services
• The amount of money a business has left over after paying for their costs.
• The total amount of money a business spends.

What is market share?

• The amount of total sales over a time period
• The amount of total profit over a time period
• The amount of praise over a time period
• Taking a piece of the market

Which of these activities is unlikely to help a business gain market share?

• Cheaper prices
• Better service
• Range of products
• Early closing hours