1) What does the term "business purpose" refer to? a) The type of products or services the business offers b) The reason why the business exists c) The geographical location of the business d) The size of the business 2) Which of the following is a characteristic of a medium-sized business in the UK? a) 0-9 employees b) 10-49 employees c) More than 250 employees d) 50-249 employees 3) What is a local business? a) Operates worldwide b) Only sells online c) Serves one area d) owned by the government 4) What is a sole trader? a) two or more owners b) one owner c) shares sold to the public d) a large company that sells shoes 5) what business model allows others to operate under a brand’s name? a) franchise b) partnership 6) Owners of unlimited liability businesses are.. a) responsible to pay all debt incurred b) paid in shares c) lucky d) are separate from their business' finances 7) Which Limited Company cannot sell shares to the public on the stock exchange? a) PLC b) LTD 8) A UK fashion brand sells its clothes in France, Spain, and Italy. What type of business is this? a) local b) global c) franchise d) international 9) What is another name for the charity sector? a) private b) public c) Third way d) Third sector 10) How can a charity prove it’s using funds properly? a) Getting the Donors approval b) Public financial reports c) shareholder meetings 11) Shareholders of a PLC have unlimited liability. a) true b) false 12) Sarah owns a franchise coffee shop and decides to change the logo and menu. She is allowed to do this. a) true b) false 13) What happens if a charity makes extra money? a) paid out in dividends b) Investors benefit c) trustees benefit d) reinvested in the charity

Unit One refresher

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