WorksheetsYr7/8 Business Studies - Unit 1
Total questions: 18
Worksheet time: 12mins
An advantage of an owner operating as a sole trader is...
Can control how the business operates
Limited liability
Shared workload
Easy access to additional capital
Which of the following is an advantage of operating as a partnership.
Limited Liability
Unlimited Liability
Shared Workload
Owner gets to receive all the profits
A public company has ________ shareholders.
unlimited
2 - 50
2 - 20
1
An advantage of purchasing a franchise is...
Flexibility in how to run the business
Established brand recognition
Expensive to purchase
Owner get to receive all the profits
A disadvantage of a franchise is...
Limited flexibility in how to operate the business
Training is provided by the franchisor
Required to pay fees to franchisor
Advertising is provided by the franchisor
An advantage of starting a business from scratch is...
Get to choose the location of the business
It can be expensive to start up
Flexibility in how big or small you can start the business
Customer base is already established.
The three options of establishing a business is...
Purchase an existing business
Starting a business from scratch
Purchasing a franchise
Incorporation
(a) liability is where the owner is responsible for the debts of the business.
A (a) is a person who owns part of a company.
A set of buyers sharing common needs or characteristics that the business decides to sell its goods/services to.
Target Market
Consumers
Company
Profit
The methods which the business uses to get its products and services to the consumer
Product
Price
Place
Promotion
Strategies a business uses to remind, persuade and inform consumers about its products
Product
Price
Place
Promotion
__________ factors refer to the involvement of the government in an organisations environment.
Political
Legal
Environmental
Technological
___________ factors include the invention and innovation of new products and services.
Technological
Political
Legal
Environmental
A business which has two to twenty owners and unlimited liability.
Partnership
Sole Trader
Public Company
Private Company
A (a) is a business operated under an authorisation to sell or distribute a company's goods or services in a particular area.
A (a) company is a business that is owned by a person, family, or small group of investors that is not listed on the ASX.
Examples of franchises include:
Subway
Coles
Bunnings
Dominoes
