BESY Lesson 8 full recap lesson 7

Ellie and Cameron run a small business making hand made clothes. They each put £2,000 into the business. They share any decisions, any debts and any profit. What type of business ownership is this?

• Sole Trader

• Limited Company

• Partnership

• Charity

When the demand for smartphones decreases, prices will fall

• True

• False

As demand for the new smartphone model increases, prices will fall

• True

• False

As demand increases, prices will rise

• True

• False

As demand decreases, prices will rise

• True

• False

In a classroom discussion about government, Arthur asked which of the following does not approve Bills before they become an Act of Parliament?

• House of Commons

• House of Lords

• the Lord Chief Justice

• the Queen

Indicate with a tick which of the following would be considered an external stakeholder of a limited company:

• The company's bank

• HM Revenue & Customs

• The suppliers of the business

• The customers of the business

• The board of directors of the company

Indicate in the table below which of the following tasks are carried out by the finance function. Select all that apply.

• Payroll

• Promoting products and services

• Sales order processing

• Recruiting staff

• Purchasing

A business always uses the First In First Out (FIFO) method for inventory valuation. This is an example of:

• Understandable information

• Accurate information

• Consistent information

• Timely information

Identify in the table below which of the following are examples of primary sources of information.

Select all that apply.

• Articles of Association for a company

• Contract of employment

• Newspaper article about the business

• Accounting text book