Business Studies Exam Review With
Well-Verified Answers 2024/2025
Sole Trader - <<<ANSWER>>>A business owned and operated
by one person
Low startup, full control, less government restriction
Personal unlimited liability
Partnership - <<<ANSWER>>>a business owned by two or
more people
Low start-up costs, shared responsibility and workloads
Personal unlimited liability
Public Company - <<<ANSWER>>>A company that is
publically listed on the stock exchange
, Limited liability, separate legal entity
Loss of control
Private Company - <<<ANSWER>>>A business that has 2-50
shareholders
Limited liability
Approval needed from directors to sell stocks
Government Enterprises - <<<ANSWER>>>Businesses owned
and operated by the government
4 Key Business Functions - <<<ANSWER>>>Human
Resources, Finance, Marketing, Operations
Behavioural Management Approach - <<<ANSWER>>>•
Leading, motivating and communicating with employees, to
boost staff wellbeing and reach business goals. It is all about
acknowledging the well-being of staff and their importance and
treating them as human beings
• Importance of teamwork (eg. Dual class teaching)
• Flatter hierarchical structure, with fewer management levels
Well-Verified Answers 2024/2025
Sole Trader - <<<ANSWER>>>A business owned and operated
by one person
Low startup, full control, less government restriction
Personal unlimited liability
Partnership - <<<ANSWER>>>a business owned by two or
more people
Low start-up costs, shared responsibility and workloads
Personal unlimited liability
Public Company - <<<ANSWER>>>A company that is
publically listed on the stock exchange
, Limited liability, separate legal entity
Loss of control
Private Company - <<<ANSWER>>>A business that has 2-50
shareholders
Limited liability
Approval needed from directors to sell stocks
Government Enterprises - <<<ANSWER>>>Businesses owned
and operated by the government
4 Key Business Functions - <<<ANSWER>>>Human
Resources, Finance, Marketing, Operations
Behavioural Management Approach - <<<ANSWER>>>•
Leading, motivating and communicating with employees, to
boost staff wellbeing and reach business goals. It is all about
acknowledging the well-being of staff and their importance and
treating them as human beings
• Importance of teamwork (eg. Dual class teaching)
• Flatter hierarchical structure, with fewer management levels
