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Worksheets1.2 Types of Organizations | 2021 - Business Management
Total questions: 18
Worksheet time: 27mins
Which of the following statements best applies to public-private partnerships (PPPs)?
PPPs aim to maximise profits
The private sector usually provides the expertise
They are limited to small partnerships
The public sector usually provides the funding
What is the legal agreement that sets out the rules of how a partnership operates known as?
Memorandum of partnership
Deed of incorporation
Articles of partnership
Deed of partnership
What is the sector consisting of businesses owned by private groups or individuals known as?
Private sector
Public sector
Secondary sector
Voluntary sector
What is the term used to describe businesses owned or operated by the government?
Private sector
Public sector
Secondary sector
Voluntary sector
_______ ___________ - This is a special type of partnership where some partners contribute capital and enjoy a share of the profits but do not participate in the running of the business.
(a)
___-______ ____________ - A commercial organization sells goods and/or services in order to earn a profit for its owners.
(a)
If a business has ‘unlimited liability’, what is the responsibility of the owners?
Paying suppliers within the credit period
Paying dividends to shareholders
Paying none of the debts of the business
Paying all of the debts of the business
___-______ ____________ - A business that does not primarily aim to earn a profit but to serve a purpose beyond the organization itself, for the betterment society as a whole.
(a)
______ ___________ - These organizations are revenue-generating businesses with community (social) objectives at the core of their operations in order to benefit the general public, rather than private shareholders.
(a)
____ __ ___________- A legally binding contract that all joint owners of a partnership sign, stating the purpose of the business, the formal rights of the partners, and how any profits should be split.
(a)
Which type of businesses are for-profit social enterprises owned and managed by their members?
Public sector corporations
Public-private partnerships
Microfinance providers
Cooperatives
Which statement does not apply to the concept of unlimited liability?
There is no maximum amount of losses that owners could incur
The legal responsibility of a company's debts applies to all owners of a listed company
Owners with unlimited liability are personally held responsible for all the debts of the business
Owners of sole proprietorships and ordinary partnerships are exposed to unlimited liability
Which term is used for the owners of limited companies?
Stakeholders
Managers
Directors
Shareholders
_______ ______ - This section of the economy is made up of businesses that are owned by individuals or groups of individuals, rather than by the government.
(a)
Which of the following is not a reason why some organizations are owned and run by the public sector?
To prevent the exploitation of customers
To protect jobs and to maintain key industries
To prevent state-run firms from being a financial burden on the government.
To provide essential services that are not fully provided by the private sector
Which of the following statements about charities is incorrect?
They can be innovative organizations
They are only staffed by volunteers
Any surplus is used to advance the social purpose of the organization
They exist to help people or social causes in need
Which of the terms below is an alternative for "public limited company"?
Public sector corporation
Public Private Partnerships
Joint-stock companies
Limited liability companies
Which type of business is owned by shareholders, with the shares being openly traded on a stock exchange?
Partnerships
Private limited companies
Public limited companies
Sole traders
