What type of liability does a sole trader have?
Limited
Unlimited
Private
What is a private limited company often abbreviated as?
Ltd
ARR
Plc
What is a competitive environment?
A market where there are other businesses producing the same or similar products and services
A market where there are no competitors
A market without customers
How many owners can a partnership have?
1 to 30
2 to 20
2 to 50
Which of these is a benefit of being part of a franchise?
You get to make all of the decisions
There are only two owners
The business is already established
In a franchise, what is the name of the main business providing the rights to use its name and products?
Franchisee
Franchisor
Franchising
Which of these is a benefit of being partnership?
More knowledge and expertise in the business
The owners have to give away a share of the business profits
There is unlimited liability
Which of these is a disadvantage to being a sole trader?
Being your own boss
Being personally responsible for all business debts
Sharing profits
What are owners also known as in a private limited company?
Shareholders
Stakeholders
Owners
What is a gap in the market?
An opportunity where customer needs and wants are not being met
What a competitor is doing in the market
When the market is not full