Year 10 Business: Foundations of Business Quiz

Any business that is owned and controlled by one person is called what?

• Partnership

• Sole Trader

• Public Company

• Private Company

The disadvantages of being a Sole Trader include (select all correct answers).

• Unlimited Liability

• Limited Sources of Finance

• Flexibility in terms of work hours and days

• Usually working long hours and limited vacation.

Which one of the characteristics below DOES NOT describe a public company?

• Owned by shareholders and run by directors

• Limited Liability

• Is owned by a Sole Trader.

• Is seen as a more prestigious form of ownership

Which of the following describe a Private Company? Select all correct answers.

• Owned by shareholders who are typically directors of the business.

• Has its own separate legal identity.

• Shares cannot be offered to the general public.

• Limited Liability.

The main objective of a business is to use its resources and engage in activities designed to increase _______.

The role of the business function 'finance' is to?

• Connect with potential investors

• Market products

• Handle the business-related aspects like funding, budgets, accounting and governance.

• Design packaging

The internal environment of a business refers to what?

• Owners, management, employees, organisational culture, organisational structure.

• Social, Political, Technological, Legal and Economic factors

• Customers

• Competitors, suppliers, interest groups.

The four main functions of business include?

• Operations, Human Resources, Marketing and Finance.

• Marketing, Sales, Human Resources and Investment.

• Operations, Human Resources, Politics and Finance.

• Human Resources, Strategy, Marketing and Sales.

What are the advantages of partnerships? Select all correct answers.

• Shared expertise and teamwork.

• Low Start up costs

• Greater borrowing power

• Limited Liability.

When entering a partnership, partners should have a partnership _________