Business in the Real World Knowledge Test

What is being described?
"A new business that has recently started operating".

• Entrepreneur

• Start-up

• Sole Trader

• Limited Company

Which type of organisation sells shares on the stock exchange?

• MNC

• LTD

• NPO

• PLC

Businesses exist to satisfy our ...

• Demands

• Goods

• Wants

• Needs

Which of the following is an 'intangible product'

• Netflix subscription

• Restaurant dinner

• Mobile phone

• Wiper blades

What is being described:

"A person, or another business, that will use a product."

• Customer

• Consumer

• Contractor

• Client

What is being described?

"A business that is owned by a single person".

• Organisation

• Private Limited Company

• Entrepreneur

• Sole trader

What is being described?

"A business that is owner by 2 - 20 people".

Which of the following business structures have UNLIMITED LIABILITY?

• Sole Trader

• LTD

• Partnership

• Public Limited Company

Which of the following is true about Partnerships?

• They must have a Deed of Partnership

• They have limited liability

• Partners do not have to have an equal share

• Partners can divide important work tasks

A lorry has the business name "Somerset Quarries LTD" written on it.

What time of organisation is it?

• NPO

• Private limited company

• Public limited company

• Partnership