Types of Busoness Organisation

Question 1 of 12

1

What is a sole trader?

Select one of the following:

A business run by many stakeholders
A business run by two or more people but not more than twenty
A business owned and managed by one person

Explanation

Question 2 of 12

1

Fill the blank spaces to complete the text.

Advantages of Sole traders.

1. and dissolution: very easy to form.
2. the business is owned and controlled by a single person. this means they can make decisions and you can respond quickly to competitors.
3. : sole traders have the least amount of paperwork to deal with and lower overhead
4 and risk: sole trader keeps all profit after are paid.

Explanation

Question 3 of 12

1

Two advantages of setting up as a sole trader are: there are long working hours and sole traders have unlimited liability

Select one of the following:

True
False

Explanation

Question 4 of 12

1

A partnership is two or more people (but less than 30) who are in a business together in order to make a profit.

Select one of the following:

True
False

Explanation

Question 5 of 12

1

All companies and co-operatives set up in Ireland must register with the Companies Registration Office (CRO).

Select one of the following:

True
False

Explanation

Question 6 of 12

1

A is a business owned by investors called .

Select one of the following:

public limited company / shareholders
private limited company / shareholders
Sole trader / directors
private limited company / directors

Explanation

Question 7 of 12

1

____________________ are businesses that are democratically owned and controlled by their members who may be the firm's workers, suppliers or customers.

Select one of the following:

Public limited company
private limited company
Co-operatives
Partnerships

Explanation

Question 8 of 12

1

Select from the dropdown lists to complete the text.

A ( public, private ) limited company like Glanbia has to have at least ( seven, two ) shareholders. there is no maximum number of shareholders. the biggest difference between a ( public, private ) limited company and a ( public, private ) limited company is that the ( profit, shares ) in a public limited company can be sold on the ( stock market., share market )

Explanation

Question 9 of 12

1

Strategic alliances are agreements between businesses to co-operate in the establishment of a project or business together

Select one of the following:

True
False

Explanation

Question 10 of 12

1

Franchising means renting a complete business formula out to someone else

Select one of the following:

True
False

Explanation

Question 11 of 12

1

A business that changes its legal structure will see a decrease in finance, skills and will see bigger risks in regards business expansion.

Select one of the following:

True
False

Explanation

Question 12 of 12

1

public-private partnerships are new commercial state enterprises that are undertaken as joint ventures with the private sector e.g. toll brdges on motorways

Select one of the following:

True
False

	Created by megan murphy over 7 years ago

Quiz on LC Business Unit 6 - Types of Business Organisations

Types of Busoness Organisation

Question 1 of 12

What is a sole trader?

Select one of the following:

Explanation

Question 2 of 12

Fill the blank spaces to complete the text.

Explanation

Question 3 of 12

Two advantages of setting up as a sole trader are: there are long working hours and sole traders have unlimited liability

Select one of the following:

Explanation

Question 4 of 12

A partnership is two or more people (but less than 30) who are in a business together in order to make a profit.

Select one of the following:

Explanation

Question 5 of 12

All companies and co-operatives set up in Ireland must register with the Companies Registration Office (CRO).

Select one of the following:

Explanation

Question 6 of 12

A________________________ is a business owned by investors called ________________________.

Select one of the following:

Explanation

Question 7 of 12

____________________ are businesses that are democratically owned and controlled by their members who may be the firm's workers, suppliers or customers.

Select one of the following:

Explanation

Question 8 of 12

Select from the dropdown lists to complete the text.

Explanation

Question 9 of 12

Strategic alliances are agreements between businesses to co-operate in the establishment of a project or business together

Select one of the following:

Explanation

Question 10 of 12

Franchising means renting a complete business formula out to someone else

Select one of the following:

Explanation

Question 11 of 12

A business that changes its legal structure will see a decrease in finance, skills and will see bigger risks in regards business expansion.

Select one of the following:

Explanation

Question 12 of 12

public-private partnerships are new commercial state enterprises that are undertaken as joint ventures with the private sector e.g. toll brdges on motorways

Select one of the following:

Explanation

A is a business owned by investors called .