Business types & size (Y13 micro)

Which of the following is NOT an advantage of being a sole trader?

• Sole trader retains all profits

• Easy to set up

• Unlimited liability

• Sole trader has final say on all decisions

What is the private sector?

• Businesses owned by individuals or groups of individuals

• Businesses owned/operated by the government

Where does most business take place in the economy?

• Private sector

• Public sector

Which of the following are advantages of the private sector?

• The profit motive

• Greater innovation

• Environmental degradation

• Higher productivity

Which of the following are disadvantages of a business partnership?

• Disagreements over decision making

• Profits have to be shared

• Unlimited liability

• Easier to raise finance

What are the main principles of a co-operative business?

• Shared ownership

• Shared profits

• Shared voice

• Shared love

Which of the following are advantages of a co-operative business?

• Each member has a vote on decisions

• Losses are higher

• Limited liability

• Decision making is quicker than in a partnership

Which of the following is an example of a co-operative?

• FC Barcelona

• Liverpool FC

• Everton FC

• Manchester United FC

The main benefit of a joint venture is...

• Shared expertise

• Shared profits

• Faster decision making

• Total agreement on all decisions

Which of the following is not a state-owned enterprise in Spain?

• Renfe

• Real Madrid CF

• Correos

• Paradores