Dimensions and Methodology of Business Studies

A business that is owned and operated by a single person is known as a...

• Partnership

• Sole trader

• Private company

• Public company

The owner of a business being responsible for all debts is known as....

• Limited liability

• Unlimited liability

Environmental factors over which businesses have very little control over are known as...

• internal

• existing

• external

• international

In order to be successful a business needs to?

• Identify its customers needs and wants
• Have a big shop
• Sell products really cheap
• Have lots of sales

Which of the following is not a business objective?

• Corporate social responsibility

• Market share

• Growth

• Employment

An Individual or group which has interest in business because they are affected by its activities and decisions.

• Shareholders

• Travellers

• Stakeholders

• Students

What is the first and most important objective of any business organisation?

• Profit Maximisation

• Growth

• Survival

• Social Responsibility

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell

Shoes Inc. has their main factory for distribution in the U.S.A, they also only sell their products in the U.S.A. What type of business does Shoe Inc. do?

• Global

• Private

• Industry

• Domestic

Government financed agencies are ____________________.

• Public Sector

• Private Sector

• Derived Demand

• Retailers