Y11 BME Learning Check

Which business structure offers limited liability to its owners?

• a) Franchise

• b) Partnership

• c) Sole trader

• d) Small proprietary company

2. Which business model involves operating under a licensed trademark and business system of an established brand?
   
   
   
   

• 2. a) Small proprietary company

• 2. b) Franchise

• 2. c) Partnership

• 2. d) Sole trader

 

3. Which section of a business plan explains the core idea behind the business, including products or services offered?

• a) Mission statement

• b) Vision statement

• c) Business concept

• d) Executive summary

What is a key characteristic, unique to a sole trader?

• a) Mandatory annual audits

• b) Requires multiple partners

• c) Limited liability

• d) Simple tax structure

2.  

Which of the following best describes a small proprietary company?

• a) Operates as a non-profit

• b) Owned by one individual

• c) Offers shares to the public

• d) Private shareholding

In a partnership, how is profit typically shared?

• a) Based on seniority

• b) It's predetermined by a contract

• c) Equally among all partners

• d) Based on capital contribution

What is a key advantage of operating a franchise?

• a) No need for a business plan

• b) Unlimited liability

• c) Complete control over branding

• d) Established business model and support

A focus of a company's mission statement is:

• a) The financial forecasts

• b) The company's core values

• c) The long-term goals of the business

• d) The daily operations and tasks

What is the main purpose of a vision statement?

• a) To list financial projections

• b) To outline daily operations

• c) To express the long-term aspirations of the business

• d) To describe the competitive landscape

A business plan is most beneficial during which phase of a business?

• a) Once a business has matured

• b) Throughout the entire business lifecycle

• c) Exclusively when evaluating a business

• d) During start-up