Business and Profit Quiz

What is a common goal of trade unions regarding workplace conditions?

• More meetings

• Good working conditions

• Longer work hours

• Increased travel

What might local communities expect from businesses in terms of environmental care?

• Increased advertising

• Sustainable practices

• Higher profits

• More product options

How can businesses positively engage with local communities?

• Community involvement

• Increasing prices

• Reducing staff

• Limiting product lines

What is the purpose of having business aims?

• To increase daily sales

• To set long-term targets

• To manage employee tasks

• To reduce costs

What is a sole trader?

• A business with multiple owners

• A business with one owner

• A business owned by a corporation

• A business owned by the government

What is the main characteristic of a sole trader?

• Multiple owners

• One owner

• No employees

• Government control

In which type of business is a partnership most common?

• Retail Stores

• Vets

• Restaurants

• Manufacturing

Which of the following is NOT an advantage of partnerships?

• Easy to set up

• Increased specialization

• Unlimited liability

• Shared decision making

What is meant by "easy to set up" in the context of partnerships?

• There are many legal requirements

• There are few legal requirements

• It requires a lot of capital

• It is difficult to find partners

What is a disadvantage of having unlimited liability in partnerships?

• It limits decision making

• It increases specialization

• Partners are personally responsible for debts

• It reduces capital investment