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WorksheetsBusiness Retail
Total questions: 20
Worksheet time: 11mins
More owners means more disagreements for what type of structure?
Public Limited
Partnerships
Private Limited
Sole Trader
_______________is a legal term for being held accountable
Liability
Assets
Bankruptcy
Claim
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partnership
Corporation
Limited liability company
Which of the following is likely to be the main factor influencing the location of a small barber shop? Proximity to:
Customers
Labour
Raw materials
Competitors
A business has the choice to locate at Site A, which is close to the market, or Site B, which is close to materials and labour. The benefit of choosing Site A over Site B is that it is close to:
Customers
Suppliers
Raw materials
Employees
Which of the following statements is true in relation to business aims and objectives?
Aims are specific and objectives are general
Aims and objectives are both general
Aims are general and objectives are specific
Aimsandobjectivesarebothspecific
Which of the following stakeholders is most likely to have profit as an objective?
Owners
Employees
Suppliers
Customers
Which of the following type of objective would an entrepreneur set who is aiming to ensure revenue is greater than total costs?
Personal objective
Profit objective
Social objective
Market share objective
Survival in a business situation means:
Making products cheaper than competitors
Making sure the business continues to operate
Making less profit than last year
Providing good service rather than making profit
All partnerships must be 50 - 50?
True
False
A sole proprietor can be described as
Having a partner
being self-employed
have a boss
having stock options
Cost price is...
how much you pay for something.
how much you sell something for.
