N5 Bus Recap (2)

Which types of businesses are included within the private sector?

• Charities, Social Enterprises, Youth Clubs, Local Authorities

• Partnership, Police, Schools, Charities

• Sole trader, Partnership, Private Limited Companies

• Sole trader, LTD, PLC, Voluntary

A sole trader is...

• A business with one employee

• A business selling one product

• A business with one owner

• A business with one shop

What does 'unlimited liability' mean?

• If the business fails, you will not lose personal possessions

• If the business fails, you will lose personal possessions

An advantage of being a sole trader is...

• You can take time off whenever you want

• You can receive large amounts of finance from loans

• You can grow your business really easily

• You receive all of the business' profit for yourself

An example of a sole trader business is...

• Morrisons

• Amazon

• Hairdresser

• Teacher

All products have a unique product lifecycle

• true

• false

Which of the following is not a stage in the product lifecycle?

• introduction

• advancement

• growth

• maturity

The section of a market controlled by a particular business is

• market growth

• market share

• market control

At which stage of the lifecycle do sales rise at the fastest rate?

• development

• growth

• decline

• maturity

When a product is in decline and a company decides to carry out a new advertising campaign, this is

• an extension strategy

• a relaunch

• a development activity