Travel and Tourism unit 7 Prep Exam And Solutions Graded A+ 2024.

Private limited company - Answer Has limited liability and sells shares to family and friends privately Public Limited Company - Answer Has limited liability and sells shares openly on the stock market Franchise - Answer A business that lets people buy an outlet run under their business name and brand Sole trader - Answer A business owned by one person which has unlimited liability for any debts Partnership - Answer A business with 2-20 owners and unlimited liability for debts Cooperative - Answer A business owned and run by its members. Every member gets a say in the decision making process Consultancy - Answer An organisation that provides expert advice to other organisations Micro-enterprise - Answer The smallest type of business which employs up to 10 people. For example, a small independent travel agency Small and medium enterprises (SMEs) - Answer These businesses may be local, national or international. They are the most common type of business and employ between 10 and 250 people Multi-national company (MNC) - Answer A company that operates in more than one country. For example Virgin Atlantic and Holiday Inn National Company - Answer A company which operates across one country. For example National Trust.