Business Studies Mock Exam IGCSE TOPIC 1
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Questions With Correct Answers
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Business //Objective //- //verified //answer(s)-
✔✔A //goal //or //target //set //by //a //business. //Eg. //To //make //a //profit
The //importance //of //having //clear //business //objectives //- //verified //answer(s)-
✔✔- //provide //a //sense //of //direction
- //motivate //staff
- //used //to //measure //performance
Sole //trader //- //verified //answer(s)-✔✔A //business //owned //and //operated //by //one //person
Benefits //of //being //a //sole //trader //- //verified //answer(s)-
✔✔- //owner //has //complete //control //of //business
- //easy //to //set //up
- //owner //keeps //all //profits
Drawbacks //of //being //a //sole //trader //- //verified //answer(s)-✔✔- //unlimited //liability
- //owner //may //feel //isolated
- //difficult //to //raise //finance
- //lack //of //continuity
Partnership //- //verified //answer(s)-✔✔A //business //owned //by //2 //to //20 //people
, Benefits //of //being //in //a //partnership //- //verified //answer(s)-
✔✔- //more //capital //can //be //raised //by //owners
- //more //ideas //and //specialisation
- //improved //continuity
Drawbacks //of //being //in //a //partnership //- //verified //answer(s)-
✔✔- //disagreements //between //partners
- //profits //have //to //be //shared
- //unlimited //liability
Limited //company //- //verified //answer(s)-
✔✔A //limited //liability //company //that //is //owned //by //shareholders
Shareholder //- //verified //answer(s)-✔✔A //part //owner //of //a //limited //liability //business
Difference //between //private //and //public //limited //companies //- //verified //answer(s)-
✔✔Ltds //can //only //sell //their //shares //privately. //Plcs //can //sell //their //shares //to //the //public
Private //limited //company //(Ltd) //- //verified //answer(s)-
✔✔A /
/limited /
/liability /
/business /
/that /
/is //owned //by //shareholders //and //whose //shares //can //only //be //bought //and //sold //privately
Benefits //of //being //a //Ltd //- //verified //answer(s)-✔✔- //limited //liability
- //easier //to //keep //control //of //the //business //than //compared //to //Plc's
// // // // // //
Questions With Correct Answers
// // // //
Business //Objective //- //verified //answer(s)-
✔✔A //goal //or //target //set //by //a //business. //Eg. //To //make //a //profit
The //importance //of //having //clear //business //objectives //- //verified //answer(s)-
✔✔- //provide //a //sense //of //direction
- //motivate //staff
- //used //to //measure //performance
Sole //trader //- //verified //answer(s)-✔✔A //business //owned //and //operated //by //one //person
Benefits //of //being //a //sole //trader //- //verified //answer(s)-
✔✔- //owner //has //complete //control //of //business
- //easy //to //set //up
- //owner //keeps //all //profits
Drawbacks //of //being //a //sole //trader //- //verified //answer(s)-✔✔- //unlimited //liability
- //owner //may //feel //isolated
- //difficult //to //raise //finance
- //lack //of //continuity
Partnership //- //verified //answer(s)-✔✔A //business //owned //by //2 //to //20 //people
, Benefits //of //being //in //a //partnership //- //verified //answer(s)-
✔✔- //more //capital //can //be //raised //by //owners
- //more //ideas //and //specialisation
- //improved //continuity
Drawbacks //of //being //in //a //partnership //- //verified //answer(s)-
✔✔- //disagreements //between //partners
- //profits //have //to //be //shared
- //unlimited //liability
Limited //company //- //verified //answer(s)-
✔✔A //limited //liability //company //that //is //owned //by //shareholders
Shareholder //- //verified //answer(s)-✔✔A //part //owner //of //a //limited //liability //business
Difference //between //private //and //public //limited //companies //- //verified //answer(s)-
✔✔Ltds //can //only //sell //their //shares //privately. //Plcs //can //sell //their //shares //to //the //public
Private //limited //company //(Ltd) //- //verified //answer(s)-
✔✔A /
/limited /
/liability /
/business /
/that /
/is //owned //by //shareholders //and //whose //shares //can //only //be //bought //and //sold //privately
Benefits //of //being //a //Ltd //- //verified //answer(s)-✔✔- //limited //liability
- //easier //to //keep //control //of //the //business //than //compared //to //Plc's
