Ownership Revision Starter

Which sector does a Private Limited Company belong to?

• Private

• Public

• Third

• Social Enterprise

What is the term for a business owned by one person?

• Partnership

• Corporation

• Sole Trader

• Franchise

What is another potential source of funding for a sole trader besides the owner's savings?

• A Government Grant

• A stock exchange

• A business merger

• A franchise agreement

What is the primary goal of a sole trader in business?

• To become a multinational company

• To survive

• To acquire other businesses

• To go public

What is one reason people start their own business?

• To work less

• Personal growth

• To buy a house

• To become a celebrity

Which source of finance involves borrowing money from a bank?

• Trade credit

• Overdraft

• Bank loan

• Owner's savings

What objective might involve enhancing the owner's social standing?

• To survive

• To maximize profits

• To improve owner's personal status

• To have a good image in the community

Who owns and runs a Sole Trader?

• The individual owner

• The partners

• The shareholder

Why buy a franchise?

• existing, established product therefore more chance of success – less risk

• To become a celebrity

• To be their own boss

What services do Local Authorities provide?

• Tax

• Education

• Catering