Business #1

What type of liability cover does a partnership have?

(a)  

Which type of business is listed on a stock exchange?

• Partnership

• Sole Trader

• Public Limited Company

• Private Limited Company

Match the following businesses with the type of business

• Public Limited Company

• Chesterfield Town FC

• Co-Operative

• Ryan Perkins Sports Therapy

• Private Limited Company

• Mansfield Town FC

• Sole Trader

• Nike

• Partnership

• KCJ Coaching

Which is a disadvantage to being a sole trader?

• Keep all of the profit

• Limited liability cover

• Share the losses with others

• Full responsibility of business

Which sector would a council-owned leisure centre fall under?

(a)  

What are the goals of a private sector business?

• Make profit

• Growth/Expansion

• Break Even

• Survival

Match the following

• Private Sector

• Financed by individuals/groups with the primary goal of making money

• Voluntary Sector

• Focus on creating social impact rather than profit

• Public Sector

• Owned by the government, providing goods/services for the community

What is NOT an example of diversification in business?

• Entering a new market

• Creating a totally original product

• Acquiring different companies in new industry

• Hiring different ethnicities and religious staff

What strategies can businesses use to maximize profit?

• Enhance customer service

• Make use of social media

• Increase prices

• Use technology and automation

Which type of profit does NOT include operational expenses (such as salaries, facilities etc.)

• Gross Profit

• Net Profit

• Positive Profit

• Total Profit