101 Roles revision links PowerPoint

What is a characteristic of companies in the construction trade?

• They all specialize in the same area.

• They can vary in size and specialization.

• They only handle small contracts.

• They only have a few employees.

Answer explanation

Companies in the construction trade can vary significantly in size and specialization, handling projects from small residential builds to large commercial developments, making this the correct characteristic.

What might some construction companies prefer?

• Only large contracts

• Only small contracts

• Both large and small contracts

• No contracts at all

Answer explanation

Some construction companies may prefer both large and small contracts to diversify their projects and revenue streams, allowing them to manage risks and capitalize on various market opportunities.

What are the three sizes of organizations mentioned in the learning material?

• Small, Medium, Large

• Tiny, Medium, Huge

• Small, Large, Extra Large

• Mini, Medium, Mega

Answer explanation

The correct answer is 'Small, Medium, Large' as these are the standard classifications for organizational sizes. The other options use different terms that do not align with the typical size categories.

Which of the following is a type of business organization mentioned in the learning material?

• Sole trader

• Corporation

• Franchise

• Cooperative

Answer explanation

A sole trader is a type of business organization where an individual operates a business alone. It is mentioned in the learning material, making it the correct choice among the options provided.

What is a key advantage of being a sole trader?

• Shared decision-making

• Limited responsibility

• Ability to keep all profits

• Access to more resources

Answer explanation

A key advantage of being a sole trader is the ability to keep all profits. Unlike partnerships or corporations, sole traders do not have to share their earnings, allowing them to fully benefit from their business success.

Which of the following tasks is NOT typically handled by a sole trader?

• Quoting jobs

• Arranging jobs

• Organising materials

• Hiring multiple employees

Answer explanation

A sole trader typically manages all aspects of their business alone, including quoting, arranging jobs, and organizing materials. However, hiring multiple employees is not common for sole traders, as they usually operate independently.

What is one responsibility of a sole trader?

• Issuing the invoices

• Conducting board meetings

• Delegating to a large team

• Managing a franchise

Answer explanation

One responsibility of a sole trader is issuing invoices, as they manage their own finances and sales. The other options, like conducting board meetings or managing a franchise, are not typical for sole traders.

What does a sole trader need to manage in their business?

• Keeping the accounts

• Conducting market research

• Developing new products

• Managing international branches

Answer explanation

A sole trader must manage their accounts to track income, expenses, and profits. This is essential for financial health and compliance, making 'keeping the accounts' the most critical task compared to the other options.

What is a key benefit of forming a partnership in the construction trade?

• Increased individual profits

• Broadened expertise and shared responsibility

• Reduced need for skilled labor

• Elimination of competition

Answer explanation

A key benefit of forming a partnership in the construction trade is the broadened expertise and shared responsibility, allowing partners to combine their skills and resources for more effective project management.

How can different trades benefit from forming a partnership?

• By reducing the number of employees

• By working independently

• By building the company up together

• By focusing on a single trade

Answer explanation

Forming a partnership allows different trades to collaborate and leverage each other's strengths, leading to mutual growth. By building the company up together, they can share resources, knowledge, and networks, enhancing overall success.