Types of business organisations

Question 1

what are the types of business organisations

Answer 1

private sector
public sector
third sector

Question 2

which sector is owned by private individuals

Answer 2

private sector

Question 3

which sector is controlled by the owners or a board of directors

Answer 3

private sector

Question 4

which sector is funded through personal investment, loans and he profits the business generates

Answer 4

private sector

Question 5

what kind of business is owned and controlled by one person

Answer 5

sole trader

Question 6

what is the name for when you are legally responsible for paying the debts of the business and if the business has not made enough money to pay its debts then the owner will need to use their personal savings to do so

Answer 6

Unlimited liability

Question 7

which business has unlimited liability

Answer 7

sole traders and partnerships

Question 8

what are the advantages of a sole trader

Answer 8

relatively easy to set up - no complicated legal documents
can make decisions quick
keeps all profits

Question 9

disadvantages of a sole trader

Answer 9

no one to consult - which can be stressful
find it difficult to take time off or holidays
unlimited liability

Question 10

what are owners of a partnership referred as

Answer 10

partners

Question 11

how many partners in a partnership

Answer 11

2-20

Question 12

what do soletrader business tend to be

Answer 12

small businesses

Question 13

what do partnerships tend to be

Answer 13

professional practices

Question 14

what is something that all partners have to decide on before setting up a partnership business

Answer 14

a partnership agreement

Question 15

what does a partnership agreement include

Answer 15

how much capital each partner has put into the business
salary for each partner
profits given to each partner
key roles and responsibilities for each partner

Question 16

advantages of a partnership 3x

Answer 16

different people have different skills
workload shared
larger amount of finance can be raised

Question 17

disadvantages of a partnership 3x

Answer 17

disagreements between partners
profits have to be shared
unlimited liability

Question 18

what are private limited companied abbreviated to

Answer 18

LTD

Question 19

what are the owners of a private limited company called

Answer 19

a shareholder

Question 20

how do you get to be a shareholder in a LTD

Answer 20

you have to be formally invited

Question 21

does a LTD have limited or unlimited liability

Answer 21

limited liability

Question 22

what is a LTD controlled by

Answer 22

Board of directors

Question 23

what do a board of directors do

Answer 23

they oversee the running of the business

Question 24

what is something called when the profits of the business are divided between shareholders.

Answer 24

dividends

Question 25

advantages of being in a private limited company

Answer 25

can quickly raise money keep control of the company shareholders have limited liability

Question 26

disadvantages of a private limited company

Answer 26

takes a long time and has complicated legal documents annual accounts must be published profits have to be shared between shareholders

Question 27

what sector of organisation does the local government own

Answer 27

public sector

Question 28

who controls the public sector

Answer 28

elected officials MSP councillors

Question 29

how provides vital services for people in that area and responsible for waste collection, street lighting and leisure facilities

Answer 29

councils/local authorities

Question 30

how is the public sector funded

Answer 30

Taxes

Question 31

who runs a council

Answer 31

elected officials known as councillors

Question 32

who owns a third sector organisation

Answer 32

no one in particular

Question 33

which type of business organisation sector is controlled by a board of trustees

Answer 33

third sector

Question 34

how is a third sector organisation funded

Answer 34

donations fundraising activities

Question 35

who does a charity prove to be accepted as a charity

Answer 35

charity commission

Question 36

what does a charity have to do do be deemed as a charity

Answer 36

relieve poverty advance religion advance education be beneficial to society

Question 37

what are - British heart foundation, Oxfam and dogs trust - examples of

Answer 37

charities

Question 38

what are - youth clubs, youth sports teams, scouts and brownies - example of

Answer 38

voluntary and community groups

Question 39

what exists to provide a service to people living in a certain area

Answer 39

voluntary and community groups

Question 40

what will an entrepreneur do before starting a business

Answer 40

create a business plan

Question 41

what has key information about a business and how it will operate

Answer 41

a business plan

Question 42

what is included in a business plan

Answer 42

the business idea the aims and objectives projected cost and profits the target market funding location marketing