WorksheetsBusiness Start Up
Total questions: 30
Worksheet time: 15mins
THREE big choices the entrepreneur
must make are around..
Organisational Options
Production Options
Financial Options
All of the above
Which of these is not an Organisational option?
Sole trader
Partnership
Public Limited Company
Private Limited Company (LTD)
A Sole Trader is a business set up, owned and run by one person. An example would be..
Zara
Manchester United
Farmer
None of the above
Which of these is not an advantage of a sole trader?
Easy to set up
Long hours/ stress
Keep all profits
Decisions made quickly
Confidential type business
Which of these is a disadvantage for a sole trader?
Unlimited liability
Difficult to run - lack skills/experince
No continuity of existence
All of the above
Unlimited liability means the shareholders cannot be held personally liable for the debts of the company, i.e. their personal assets cannot be taken
True
False
A Partnership is a business set up, owned and managed by 2 – ____ partners, e.g. doctors
15
20
4
11
A partnership agreement also called a _________ ___ _________ is an agreement between partners who want to run a joint business.
Certificate of incorporation
Companies registration office
Deed of partnership
None of the above
Which of these is an advantage of a Partnership?
A partnership is not a ‘separate legal entity’ – if a legal issue arises each partner can be personally sued.
Decision-making is slower due to consulting all partners.
More capital is available to pay for the costs of setting up and growing the business
Profits have to be shared in the pre-agreed profit-sharing ratio. This might lead to conflict
Which of these is a disadvantage of a Partnership?
Each partner brings a different skill set to the business.
The partnership should make better decisions as there are other people to consult
It is a confidential type of business – no one else has access to the business’s accounts
The partners have unlimited liability – the general partners will be held ‘jointly and severally liable’ for all of the debts of the business, which may result in the sale of personal assets
A Private Limited Company is a business set up by_ _ _ people, called shareholders, e.g. River Island, Zara
1-150
1-11
2-20
1-149
It is easier to raise _____ – up to 149 people can invest in the company.
Spirits
Capital
Salaries
None of the above
AGM...
Annual General Meeting
Annually General Meeting
Annual Good Meeting
None of the above
A Private Limited company is run by _______ who are voted in by _______ at the Annual General Meeting (AGM).
Shareholders & Directors
Directors & Shareholders
Managers and Employees
None of the above
An advantage for Private limited company is they pay less tax on their profits than sole traders or partnerships, this tax is?
USC
Corporation tax.
PAYE
Local Property Tax
The Rate of Corporation Tax in Ireland is ____%
10%
15%
12.5%
22%
One of the legal documents in the set up of LTD companies is Certificate of incorporation which is like the?
Creation Cert
Birth Cert
This involves the production of a single product. Each product is individual and unique.
Job
Batch
Mass
- Made to order
- Highly skilled
- Expensive
Batch
Job
Mass
This system allows for a specific quantity of one good to be manufactured before the same machinery is used to produce a specific quantity or batch of a similar product
Mass
Batch
Job
- Made in advance
- Same for each customer
- not as highly skilled as job
- economies of scale
- newspaper
Job
Batch
Mass
This involves the continuous production of very large quantities of identical products.
Mass
Batch
Job
Mass requires a highly automated production process and is capital intensive, e.g. CAM
Cloud Aided Manufacturing
Computer And Manufacturing
Computer Aided Manufacturing
None of the above
Examples of mass produced products are....
Pens
Toilet Paper
Canned goods
All of the above
Which production has the lowest cost of all 3 ?
Job
Batch
Mass
USP is Unique Selling Price
True
False
Volvo's USP is...
Speed
Comfort
Safety
A Business plan sets out the ____ & ______ of the business.
Objectives
Strategies
Goals
All of the above
Which os these is not a section of the business plan?
Description
Market Analysis
Production Plan
Operational Plan
Which of these is a reason for the importance of a Business plan?
Convince Investors
Control
Guide for business
Anticipate problems
All of the above
