Retail Exam quiz (1)

What does the term diversification mean?

• Sell new products to a new target market

• Sell products at a lower price

• Sell products to the same target market

• Sell products at a discounted price

Which of the following business types has unlimited liability?

• Public Limited Company

• Partnership

• Private Limited Company

• Franchise

In a _____ shares are sold to the public on the stock market.

• Franchise

• Private Limited Company

• Sole trader

• Public Limited Company

You are the business. If the business owes money or is sued then YOU are responsible for those debts!! = ????

• Stock market

• Unlimited liability

• Limited liability

• Franchisor

You are a separate legal entity to the business. If the business has debts, The OWNER IS NOT responsible for them.

• Limited liability

• Sole trader

• Unlimited liability

• Diversification

A ____ describes any business that is owned and controlled by one person

• Franchise

• Private Limited Company

• Sole trader

• Public Limited Company

Which type of business does not have file any accounts and does not have much paperwork (making it much simpler to run) ???

• Incorporated company

• Public Limited Company

• Private Limited Company

• Sole trader

In a ____, the control, running and profits of the 

business are shared among the owners.

• franchise

• public limited company

• partnership

• private limited company

____ are protected by limited liability

• Shareholders

• Sole traders

• Partners

• All entrepreneurs

Who can buy shares in a private limited company?

• Anybody with internet access

• Anybody

• Friends and family who are invited

• Any UK resident