BUSINESS MANAGEMENT UNIT 3 QUIZ

A sole trader is a business (a)   by one person.

• managed

• owned

• directed

• A & B

A partnership can be owned by (a)   people.

• two to ten

• two

• two to twenty

• an unlimited number of

What type of business is this?

• Public listed company

• Private limited company

• Mining company

• Limited liability company

“If my business goes bankrupt, I’m going to be responsible to fix the situation all on my own!” What business type could this be?

• Private limited company

• Sole trader

• Public listed company

• Partnership

Social enterprises (a)   aim to make a profit as a (b)   .

• dividend for shareholders

• as a primary objective

• subsidiary objective

• subsidiary objective

Using resources well to achieve business objectives relates to:

• effectiveness

• efficiency

• increasing market share

• fulfilling a market need

Which of the following statements is not necessarily true?

• An increase in revenue will cause an increase in profit when expenses stays the same

• An increase in expenses will cause a decrease in profit when revenue stays the same

• An increase in market share will involve an increase in profit

• A decrease in market share can cause a decrease in profit

Fulfilling a social need is:

• a possible objective for all business types

• a possible objective only for government business enterprises and social enterprises

• a possible objective only for social enterprises

• an objective that is synonymous to fulfilling a market need

Meeting shareholder expectations is a relevant objective for:

• all business types

• partnerships

• private limited companies

• sole traders

Any person or group that has an interest in a business is a

• vested interest group

• partner

• shareholder

• stakeholder