BUSINESS STRUCTURE

What is the term used to describe the growing importance of the secondary sector manufacturing industries in developing countries?

• Globalisation

• Industrialisation

• Privatisation

• Deindustrialisation

What is the main advantage of a sole proprietorship business structure?

• Owner keeps all profits

• Ability to raise capital easily

• Shared decision making

• Limited liability

What type of economy is characterized by a central government making all economic decisions?

• Free Market Economy

• Command Economy

• Traditional Economy

• Mixed Market Economy

What is the main disadvantage of a partnership business structure?

• Faster decision making

• Profits have to be shared

• Risk of unlimited liability

• Difficult to raise capital

What is the legal structure of business organisations where shareholders have limited liability?

• Cooperatives

• Limited Companies

• Partnerships

• Sole Proprietorship

What type of business operates in more than one country?

• International businesses

• Local businesses

• National businesses

• Franchises

What is the main advantage of a public limited company (PLC)?

• Shareholders have limited liability

• Ease of buying and selling shares

• Legal formalities in formation

• Cost of business consultants

What type of organisation is owned by the government and operates with money raised from taxes?

• Public corporations

• Private sector organisations

• Franchises

• Public sector organisations

What type of business contract allows the franchisee to use the name and logo of the franchiser?

• Sole Proprietorship

• Partnerships

• Franchises

• Joint ventures

What type of business structure is characterized by a single owner who keeps all profits?

• Partnerships

• Limited Companies

• Sole Proprietorship

• Cooperatives