Types Of Business Flashcards
What is a sole trader?
A business owned and operated by one person.
What is a partnership?
A business owned and operated by two or more people.
What is a private limited company?
A business owned by shareholders with limited liability.
What is a public limited company?
A business listed on a stock exchange with shares available to the public.
What is a franchise?
A business where the owner (franchisor) grants the rights to another party (franchisee) to use its business model and brand.
What is a social enterprise?
A business that aims to achieve social objectives while generating profits.
What is a co-operative?
A business owned and operated by its members for their mutual benefit.
What is a charity?
A non-profit organization that aims to serve a charitable purpose.
What is a microenterprise?
A small-scale business with fewer than 10 employees.
True or False: A sole trader has unlimited liability for the debts of the business.
True
Fill in the blank: A partnership is owned and operated by ____________ people.
two or more
Which type of business has shares available to the public on a stock exchange?
Public limited company
What type of business grants the rights to use its business model and brand to another party?
Franchise
What type of business aims to achieve social objectives while generating profits?
Social enterprise
What type of business is owned and operated by its members for their mutual benefit?
Co-operative
