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Year 11 Exam  >  Year 11 Tests  >  Business Studies for GCSE/IGCSE  >  Test: Types of Businesses - Year 11 MCQ

Test: Types of Businesses - Year 11 MCQ


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10 Questions MCQ Test Business Studies for GCSE/IGCSE - Test: Types of Businesses

Test: Types of Businesses for Year 11 2024 is part of Business Studies for GCSE/IGCSE preparation. The Test: Types of Businesses questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Types of Businesses MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Types of Businesses below.
Solutions of Test: Types of Businesses questions in English are available as part of our Business Studies for GCSE/IGCSE for Year 11 & Test: Types of Businesses solutions in Hindi for Business Studies for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Types of Businesses | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Business Studies for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: Types of Businesses - Question 1
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Which type of business ownership is characterized by having two or more individuals sharing the profits and responsibilities?

Detailed Solution for Test: Types of Businesses - Question 1
A partnership involves two or more individuals who share the responsibilities, decision-making, and profits of the business.
Test: Types of Businesses - Question 2
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What is one of the main advantages of a sole proprietorship?

Detailed Solution for Test: Types of Businesses - Question 2
In a sole proprietorship, the owner has full control over all business decisions and operations.
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Test: Types of Businesses - Question 3
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Why might a business choose to incorporate as a corporation?

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Incorporating as a corporation allows a business to sell shares of stock, thereby raising capital from investors.
Test: Types of Businesses - Question 4
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What is a characteristic of public sector businesses?
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Public sector businesses are owned and operated by the government, providing services funded by taxpayers.
Test: Types of Businesses - Question 5
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Which of the following is a reason why an entrepreneur might choose a franchise model for their business?
Detailed Solution for Test: Types of Businesses - Question 5
Franchises offer the advantage of operating under an established brand with support from the franchisor, which can reduce risk and aid in success.
Test: Types of Businesses - Question 6
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When deciding on a business ownership model, what is an important factor to consider?
Detailed Solution for Test: Types of Businesses - Question 6

The desired level of control is crucial in deciding the ownership model, as different structures offer varying degrees of control and decision-making power.

Test: Types of Businesses - Question 7
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What distinguishes a private limited company (Ltd) from a public limited company (PLC)?
Detailed Solution for Test: Types of Businesses - Question 7
A PLC can sell shares to the public and is listed on the stock exchange, whereas an Ltd cannot.
Test: Types of Businesses - Question 8
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Which of the following is a key disadvantage of partnerships?
Detailed Solution for Test: Types of Businesses - Question 8
In a partnership, partners have unlimited liability, meaning they are personally responsible for the business's debts.
Test: Types of Businesses - Question 9
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What is a common feature of businesses in the public sector?
Detailed Solution for Test: Types of Businesses - Question 9
Public sector businesses aim to provide essential services and goods to the public rather than focusing on profit maximization.
Test: Types of Businesses - Question 10
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What type of business structure allows for the separation of ownership and management?
Detailed Solution for Test: Types of Businesses - Question 10
In a corporation, ownership is divided among shareholders, while management is handled by a board of directors and officers, separating ownership and management functions.
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