National 5 Business Management Exam Revision 2022

A business that has limited liability:

• Sole trader

• Partnership

• Private Limited Company

A disadvantage of a partnership business:

• Owners get to keep all profits

• Limited liability

• Workload is shared between partners

• Disagreements may arise between partners

A business in this sector of the economy is funded through taxpayers money and ran by the government

• Public

• Private

• Third

• Tertiary

A business in this sector of the economy is funded through donations and is run by a board of trustees

• Social enterprise

• Third

• Private

• Public

A business in this sector of the economy is financed through owners own savings or bank loans, and has the main aim of making a profit

• Public

• Primary

• Private

• Secondary

Describe an impact that an employee may have on a business:

Describe the interest that the Government has on a business:

Which external factor is concerned with a boom or bust period in the economy:

• Political

• Environmental

• Economical

• Technological

Which external factor is concerned with changing demographics, e.g. an increase in population

• Technological

• Social

• Political

• Competitive

Explain the impact of a competitor shop opening up next door to a business