Types of Businessess

What are 4 reasons for starting a business?

Answer explanation

- Financial Independence (don't have to depend on anyone for your salary)

- Increased control (can do whatever you want basically)

- Self-fulfilment (doing something that makes you happy)

- Self-actualisation (reaching your full potential)

Bonus: increased income (entrepreneurs typically make more income than they would being employed by someone else)

What is a sole trader?

• self-employed person who owns and runs their own business as an individual

• a lonely person

• someone who trades shoes

• someone who manages a business

What is a partnership?

• two or more persons in a company

• two buddies rolling together

• an arrangement where parties agree to cooperate to advance their mutual interests

• an arrangement where parties are doing the same thing

What is a cooperative? Select all that apply

• A type of company that is owned partially or wholly by its employees, customers or tenants

• any official business

• a partnership

• an association formed and operated for the benefit of those using it

What is a conglomerate company?

• a large company

• one company owns a controlling stake in smaller companies that each conduct business operations separately

• a company owns alot of employees

• one company transfers money from one company to another

What is a multi-national company?

• a corporation with many different businesses in one nation

• a corporation consisting of different nations

• a corporation that has business operations is two or more countries

• a corporation that is large enough to buy two or more countries

What is a franchise?

• a business in which the franchisor and the franchisee are family

• a business in which the franchisor allows the franchisee to sell a product or service under the franchisor's business name

• a business in which the employees have shares in

• a business with two or more departments

What is a state corporation?

• a corporation of the state

• a corporation that controls the state

• a business enterprise of which the government or state has significant control

• a state that owns a corporation

What is a nationalised industry?

• an industry brought under the control and public ownership of a national government

• a nation that makes profits

What is a local authority?

• an authority that only operates locally

• an organsation that is officially responsible for all the public services and facilities in a particular area

• the police

• an organisaiton that is officially responsible for the police