U1 AOS2 L2 - Types of Business Structures

Front

Outline the similarities and differences between a sole trader and a partnership.

Back

A sole trader is owned by one person, while a partnership is owned by two or more people.

Front

The relationship between the internal environment and the external environment of a business is:

Back

interdependent and dynamic

Front

Fill in the blank: Types of businesses include ______, partnership, private limited company, public listed company, social enterprises, and government business enterprises.

Back

sole proprietorship

Front

What are the costs and benefits of purchasing an existing business compared with establishing a new business?

Back

Purchasing an existing business often involves higher initial costs but provides immediate cash flow and established customer base, while establishing a new business may have lower initial costs but requires building everything from scratch.

Front

Fill in the blank: Business resource needs include natural, labour, and ______, and the factors affecting the use of business resources.

Back

capital

Front

Which of the following factors affect the choice of business location? Proximity to customers, Availability of raw materials, Cost of labor, All of the above

Back

All of the above

Front

What are the sources of finance available to establish a business and the factors affecting the type and source of finance chosen?

Back

Equity, debt, and grants; market conditions, business size, and risk

Front

Which of the following is a business support service? Legal, Financial, Technological, All of the above

Back

All of the above

Front

The purpose of planning analysis tools such as SWOT analysis in business is to:

Back

Identify strengths, weaknesses, opportunities, and threats

Front

What are the key features and benefits of business plans?

Back

A detailed roadmap for business success, a tool for securing investment, a method for tracking progress.