Business week - Y9

The best definition of a sole trader form of business organisation is:

• The business only employs one person

• The business is owned by one person

• There is a single firm in the industry

• The firm has a single customer

One of the claimed advantages of a sole trader business is that:

• Owners have limited liability

• Shares can be sold to raise capital

• Decisions and responsibilities can be shared

• The owner has complete control

Which of the following statements best applies to a public limited company (plc)?

• 
  It is owned by the government and is in the public sector

• It is owned by shareholders who can sell their shares in the Stock Exchange

• It is quick and easy to set up with few legal formalities

• Its accounts can be kept private and it receives little coverage in the business press

What sector would a SCHOOL be part of?

• Primary sector

• Secondary sector

• Tertiary sector

• Quaternary sector

Which of the following is not an advantage of buying a franchise?

• Make more profit

• Access to a successful business idea

• Lower costs

• Have total control of a business

Which of the following are not internal stakeholders?

• Owners

• Employees

• Management

• Customers

Which of these is an example of an external stakeholder?

• Employees

• Shareholders

• Labour unions

• Employers

Division of labor can be defined as

• Workers specialize on just one task and become better at it

• Workers become specialist in all jobs

• No workers are employed as machines always do all the work

• All firms only have one worker

One of the drawbacks to division of labor is that

• Output and efficiency falls

• Workers spend time on training to do several different jobs

• Workers can become bored through concentrating on one job

• No machinery is used and this slows down production

When one business merges with another one in the same industry but at a different stage of production is ___________ Integration

• Vertical

• Horizontal

• Vertical backwards

• Conglomerate