Types of businesses
Fill-in-the-blank: A business owned by two or more individuals who share responsibility and profits is called a ____.
partnership
Fill-in-the-blank: A __________ statement outlines where the business wants to be in the future.
vision
Fill-in-the-blank: The group of people or entities affected by or interested in a business is known as __________.
stakeholders
True or False:
Internal growth occurs when a business expands by merging with another.
False, it is external growth
True or False:
The primary sector involves the extraction of natural resources.
true
This business structure has limited liability and does not trade its shares on the stock exchange.
A) Sole Trader
B) Public Limited Company
C) Private Limited Company
D) Franchise
C
This function is responsible for managing the firm's finances.
Finance and accounts
True or False:
Shareholders and stakeholders are always the same.
false
Fill-in-the-blank: A __________ occurs when two businesses agree to form a new organization together.
merger
Fill-in-the-blank:
The __________ sector involves businesses that provide services rather than goods.
tertiary
Definition Match:
This is a commercial organization with a primary objective of fulfilling a social mission rather than earning profits.
social enterprise
True or False:
A mission statement defines the overall goal of a business.
True
A local government wants a firm to reduce noise pollution, while the business wants to cut costs. What kind of issue does this represent?
stakeholder conflict
Which of the following is NOT an external factor analyzed in a PESTLE analysis?
A) Technological
B) Legal
C)Political
D) Emotional
D watahel is emotional
Which of the following businesses operates in the secondary sector?
A) Farm
B) Car factory
C) Bank
D) Law firm
B
Maria wants to open a bakery and keep full control of decisions while accepting unlimited liability. What form of ownership should she choose?
sole trader
This term describes a business's sense of responsibility toward the community and environment.
CSR - Corporate social responsibility
Which stakeholder is most interested in job security, fair wages, and working conditions?
A) Suppliers
B) Customers
C) Employees
D) Shareholders
c
A clothing manufacturer reduces its average cost per unit by producing in bulk. What economic concept does this illustrate?
economies of scale
A company that designs and builds mobile apps operates in which sector of the economy?
quarternary sector
True or False:
Franchises are owned and operated by the franchisor.
false: They are owned by the franchisee.)
A company shifts from focusing solely on profits to reducing its carbon footprint and improving employee wellbeing. What type of objective has it likely adopted?
Ethical or CSR objective
This tool helps prioritize stakeholders based on their level of interest and influence.
stakeholder mapping
This describes the disadvantages a firm faces when it becomes too large and inefficient.
diseconomies of scale
An entrepreneur takes the risk to start a new tech company by combining resources like capital, labor, and raw materials. What economic resource or role is the entrepreneur fulfilling?
enterprise or enterpreneurship