Some examples from this set of practice questions
1.
What\\\'s the difference between a private limited company and a public limited company?
Answer: Private limited companies are privately owned by an individual whereas public limited companies are owned by multiple shareholders who can be part of the general public.
2.
Define a Sole Trader.
Answer: A sole trader is an individual who owns and runs a business, they usually run all aspects of the business.
3.
State 2 negatives of a sole trader business.
Answer: - Unincorporated and unlimited liability, owner can be at risk financially. - Hard to raise finance for the business since there is only one owner.
4.
State some of the main aims of a private sector business.
Answer: - Profit maximisation - Survival - Improve reputation - Maximise growth - Increase efficiency - Meet social and ethical aims - Gain a market share
5.
What do Public Sector businesses provide?
Answer: Provide public goods and merit goods to society in order to benefit them.
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