What is the main aim of a small business?

• Maximise profit

• Minimise costs

• Increase market share

• Achieve customer satisfaction

Which of the following is an example of an entrepreneur?

• Employee

• Shareholder

• Manager

• Business owner

What does the term 'sole trader' mean in the context of small business?

• A business owned by one person

• A business owned by multiple partners

• A publicly traded company

• A non-profit organisation

Which of the following is a disadvantage of being a sole trader?

• Limited liability

• Access to more capital

• Unlimited liability

• Shared decision-making

What is the purpose of a business plan?

• To increase market share

• To secure funding and guide the business

• To minimise costs

• To satisfy customer needs

Which type of business organisation provides limited liability to its owners?

• Sole trader

• Partnership

• Private limited company

• Public limited company

What does SWOT analysis stand for in the context of business?

• Strengths, Weaknesses, Opportunities, Threats

• Sales, Wages, Operations, Taxes

• Supply, Workforce, Output, Technology

• Stakeholders, Working capital, Organisational structure, Time management

In a partnership, how are profits typically shared?

• Equally among partners

• Proportionally based on investment

• According to seniority

• Solely by the managing partner

Which of the following is a feature of a private limited company?

• Unlimited liability for owners

• Shares traded on the stock market

• Limited number of shareholders

• No legal formalities for formation

What is the main disadvantage of a public limited company (PLC)?

• Limited liability

• Difficulty in raising capital

• Ease of decision-making

• Profit retention by shareholders