Understanding Business Structures and Concepts

What is a sole trader?

• A business with multiple owners and limited liability.

• A business with one owner and unlimited liability.

• A business owned by shareholders with limited liability.

• A business that pays another to use their brand name.

What is a partnership in business terms?

• A business with one owner and limited liability.

• A business with up to 20 owners and unlimited liability.

• A business owned by shareholders with limited liability.

• A business that pays another to use their brand name.

What defines a limited company?

• A business with one owner and unlimited liability.

• A business with up to 20 owners and unlimited liability.

• A firm owned by shareholders with a separate legal identity and limited liability.

• A business that pays another to use their brand name.

What is franchising?

• A business with one owner and unlimited liability.

• A business with up to 20 owners and unlimited liability.

• A firm owned by shareholders with limited liability.

• When one business pays another to trade using their brand name.

What are the components of the marketing mix?

• Price, Product, Place, and Promotion.

• Price, Product, People, and Process.

• Product, Place, People, and Process.

• Price, Place, Promotion, and People.

What does 'Price' refer to in the marketing mix?

• The location where a product is sold.

• The amount a customer pays for a good or service.

• The way a product is advertised.

• The physical good or service offered.

What is meant by 'Product' in the marketing mix?

• The amount a customer pays for a good or service.

• The location where a product is sold.

• An actual good or service a consumer could potentially receive.

• The way a product is advertised.

What does 'Promotion' involve in the marketing mix?

• The amount a customer pays for a good or service.

• The location where a product is sold.

• How a good or service is marketed to potential consumers and customers.

• An actual good or service a consumer could potentially receive.

What does 'Place' refer to in the marketing mix?

• The amount a customer pays for a good or service.

• Where and how a product will be sold including e-commerce.

• How a good or service is marketed to potential consumers and customers.

• An actual good or service a consumer could potentially receive.

What is a business plan?

• A document outlining the marketing strategies of a business.

• An outline of what a business will do and how it will go about it.

• A financial statement of a business's profits and losses.

• A list of products and services offered by a business.