The business envirment

Question 1

Partnerships are personally reliable for business debts
True/False

Answer 1

True

Question 2

Owners of a Ltd are known as stakeholders
True/False

Answer 2

False

Question 3

Do Private limited companies have to be registered on incorporation
Yes/No

Answer 3

Yes

Question 4

Is useful information always relevant and appropriate
Yes/No

Answer 4

No

Question 5

If you rent machinery that is only used occasionally for when it needs to be used, what can this be seen as
Financial solvency / Efficient working practices

Answer 5

Financial solvency

Question 6

What does sustainability mean in terms of business activity?

Answer 6

Involving activities that do not use up natural resources

Question 7

What is the triple bottom line principle ?

Answer 7

People/Profit/Planet

Question 8

What is the AAT code of professional ethics?

Answer 8

A set of principles that are meant to guide members to do the right thing.

Question 9

What is the correct order of the courts for criminal cases?
Supreme court, magistrates court, crown court, high court.

Answer 9

Magistrates court –> Crown court –> High court –> Supreme court

Question 10

What is the correct order of the courts for civil cases?
High court, County court, Court of appeal, Supreme court.

Answer 10

County court–> High court–> Court of appeal–> Supreme court

Question 11

Alice has set up her cloud based accounting on her mobile phone, what are 3 benefits of doing so?

Answer 11

~Ease of access , she can issue invoices straight away after payment has been taken.
~She can manage her personal and business funds easily.
~Alice can use payment apps, this allows her to not carry around her cards/cash.