Y10 Exam Revision 1

what is unlimited liability?

• Personal possessions CAN be taken to repay a debt
• Personal possessions CANNOT be taken to repay a debt

What is a sole trader?

• One person who works for a business
• One person who sues a business
• One person who leaves a business
• One person who owns and runs a business

What is a business plan?

• Report about a company's finances
• Report about why a business is closing
• Report detailing everything about a business
• A report about a plan

What is a franchise?

• When a person buys from a business
• When a person buys the rights to a business
• When a person owns a new business
• When a person sues a business

What is a stakeholder?

• A person who invests in a business
• A person who has interest in a business

What is a shareholder?

• A person who invests in a business
• A person who takes interest in a business

What is Limited Liability 

• Personal possessions CANNOT be taken to
• Personal possessions CAN be taken to repay 

Which of the following Ownerships have unlimited liability

• Sole Trader, Partnership
• Public Limited Company, Sole Trader
• Private Limited Company, Partnership 
• Private Limited and Public Limited Companies 

What is the difference between a Social Enterprise and a Charity?

• Social Enterprise is funded by donations and charity is run by volunteers
• Charities use donations where as Social Enterprise sells Goods and Services

What is the difference between PLC and LTD?

• PLC sells shares on the Stock Market. LTD has to be invited to but shares/
• PLC cannot sell shares on stock market and must be invited to join. LTD can buy shares on stock market.