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WorksheetsVCE BM- U1- AOS3-CHAP 7 & 9 REVISION
Total questions: 29
Worksheet time: 11mins
Shareholders of a company cannot be held personally responsible for the debts of a business.
Limited liability
Proprietary company
Unlimited liability
Social enterprise
The traditional business model that is based on a store with a physical presence, such as those located on shopping strips and in shopping centers.
Goodwill
Bricks and clicks
Mortgage
Bricks and mortar
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
Which of the following pieces of information would you expect to find within a business plan
How much staff wages are going to cost
The production method the business will use
Information about competitors products
Opinions collected from the customers
The organisation structure of the company
By identifying areas under the weaknesses section how does this help you develop.
So that you can avoid them.
So that you can pretend they don't exist and ignore them
Use them to identify areas for development and focus on them.
By allowing other people to see them and use them against you.
Staff members says that if you want a day-off from work you should order a hambuger from the Leisure Center’s cafeteria.
Strength
Weakness
Opportunity
Threat
Due to an increase in disposable income (purchasing power) over the last six years, local residents have more money to spend on leisure activities.
Strength
Weakness
Opportunity
Threat
It is widely known that Highly Brill has the best-trained and most respected staff of all of the centres in the locality.
Strength
Weakness
Opportunity
Threat
Corporate Social Responsibility is
managing a business in such a way that the broader community including owners, and the environment are taken into account when making business decisions.
managing a business in such a way that the broader community including the employees, competitors, customers and suppliers are taken into account when making business decisions
managing a business in such a way that the broader community including the owners and employees are taken into consideration when making business decisions
managing a business in such a way that the broader community, including employees, customers, suppliers and the environment, is taken into consideration when making business decisions
Customers, investors, employees, and regulators are examples of __________ that are important in the analysis of corporate social responsibility.
special-interest groups
stakeholders
ethics advocates
whistleblowers
A proponent of the classical view of corporate social responsibility would most likely agree with which of these statements?
Social responsibility improves the public image of business.
The primary responsibility of business is to maximize business profits.
By acting responsibly, businesses avoid government regulation.
Businesses can and should do “good” while doing business.
Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
Which type of legal structure is used when two or more people join together to start a business and have unlimited liability?
Sole trader
Partnership
LTD
PLC
Which of the following is an advantage of operating a large established business as a public limited company?
Shares can be sold to the public to raise additional finance
Financial accounts are published
Shares can only be sold to invited investors to raise finance
Owners have unlimited liability
Which of the following statements is always true of a public limited company?
Shareholders have day to day control of the company
Liability is limited
The ability to expand is limited
Board of directors own the business
Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?
Sole trader
Partnership
LTD
PLC
Advantages of a partnership are:
The partners split the profit
Unlimited liability
Raise more capital than a sole trader
Share the workload
A _______ forms boards to act as governing bodies. It is the most complicated form of business.
franchise
partnership
sole proprietorship
corporation
A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.
franchise
partnership
sold prprietorship
corporation
Which of the following is NOT a type of business ownership?
partnership
sole proprietorship
entrepreneurship
franchise
Which of the following is a type of business which operates as a separate legal entity?
corporation
franchise
partnership
sole partnership
What is the advantage of an online business model?
Face to face customer interaction is possible
Customers trust purchasing online
Online fraud isn't a concern
global customer base and world wide access to customers
What are the disadvantages of a franchise business model?
far less independence
high startup costs and fees
can judged by the reputation or performance of other franchisees
all of the above
Which business model is a combination of a physical store and online store?
Bricks and mortar
Bricks and clicks
Online store
Manufacturing warehouse
