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Year 11 Exam  >  Year 11 Tests  >  Test: Types of Businesses - Year 11 MCQ

Test: Types of Businesses - Year 11 MCQ


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10 Questions MCQ Test - Test: Types of Businesses

Test: Types of Businesses for Year 11 2024 is part of Year 11 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 course for Year 11 & Test: Types of Businesses solutions in Hindi for Year 11 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 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?
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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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