Worksheetsbusiness organisation
Total questions: 28
Worksheet time: 17mins
An example of a market economy is
North Korea
United States
Former Soviet Union
Inuit
economic system
organized way in which a society provides for the wants and needs of its people
federal program of disability and retirement benefits that covers most working people
income that does not increase even if prices go up
market economy in which private citizens own the factors of production
capitalism
organized way in which a society provides for the wants and needs of its people
federal program of disability and retirement benefits that covers most working people
market economy in which private citizens own the factors of production
income that does not increase even if prices go up
__________ is the simplest and most common type of business.
A sole trader
A partnership
A cooperative
Sole traders have _____________ liability.
half
limited
unlimited
A partnership is an agreement between a minimum of _______ partners.
twenty
two
twelve
In an ordinary partnership ___________ take an active role in running the business.
all partners
not all partners
only two partners
Limited company and joint-stock company ______________.
are not synonyms
are synonyms
In a limited partnership _____________ for losses.
only one partner is liable
all partners are liable
only two partners are liable
The capital of a cooperative society is provided by the ___________.
shareholders
members
ordinary people
The ______________ is the person who establishes the brand's trademark.
franchisor
franchisee
franchise
What is the business structure of many multinationals?
divisional
functional
matrix
Private limited companies __________ on the stock exchange.
can be quoted
cannot be quoted
A limited company _________ a legal existence separate from its shareholders.
has
doesn't have
In the hierarchical structure, the chain of command is like __________.
a pyramid
a bar chart
In the functional structure, workers are divided according to _____________.
the products and the service they work on
their specific skills and tasks
In the divisional structure, workers are divided according to _____________.
specific projects with well-defined functions
segments that correspond to particular products or markets
In the matrix structure, workers are divided according to _____________.
specific projects with well-defined functions
their tasks and skills
One of the claimed advantages of a sole trader business is that:
1) owners have limited liability
2) shares can be sold to raise capital
3) decisions and responsibilities can be shared
4) the owner has complete control
Which of the following is not a feature of a private limited company?
1) Shares can be issued to raise capital
2) Shares can be bought and sold on the Stock Exchange
3) All owners of the business have limited liability
4) The business continues after the death of shareholder
The main reason why the owners of many private limited companies convert their businesses into public limited companies is because:
1) they do not want to remain in the private sector
2) they want to gain the benefits of limited liability
3) they want to keep the annual accounts secret
4) they want to raise additional capital to expand the business
One of the main drawbacks of many public limited companies is that:
1) there can be a loss of control by the original owners as additional shares are sold
2) firms in the public sector are often less efficient
3) if the company were to fail the shareholders could lose all of their assets
4) workers have to be asked for their opinions before major decisions are taken
One of the reasons for a business buying a franchise is because:
1) it is always much cheaper than setting up a new business venture
2) there is complete control over important decisions
3) the business can use its own name in advertisements
4) the risks of failure are lower as it is buying a well known business idea
What type of liability do sole traders have?
Limited liability
No liability
Unlimited liability
Shared liability
A private limited company can be shortened to..
PLC
LTD
Limited
Private
A private limited company is owned by who?
Private individuals
Owner
Shareholders
Board of Directors
Being a sole trader means you can keep all the profits?
True
False
A private limited company is controlled/run by who?
Shareholders
Board of Directors
Board of Trustees
Government
