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Match the key concept and the definition
Joint venture
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Franchising
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Unincorporated business
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Limited Liability
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Select the most suitable objective for business organisations in the public sector
Don’t confuse the public sector with public limited companies
Sort the different types of business organisation in order from MOST control over decision making to LEAST control over decision making.
View Answers:
As business organisations grow in size control is shared as decision making is made by more people.
Sort the different types of business organisation in order from MOST access to capital to LEAST access to capital.
View Answers:
As business organisations grow in size they gain greater access to capital.
Match the key concept and definition
Sole Trader
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Partnership
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Private Limited Company
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Public Limited Company
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Joint Venture
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Franchising
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Unincorporated business
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Limited Liability
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Be careful with mixing up limited and unlimited liability and incorporated and unincorporated business
Select TWO advantages to the franchisee of entering a franchise agreement.
Franchisors (like McDonalds or Starbucks) offer the franchise agreement.
Franchisees pay for the right to use the franchisors logo and branding.
Select two differences between unincorporated businesses and limited companies
Match the type of business and the most suitable form of business organisation
Sole trader
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Partnerships
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Private Limited Companies
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Public Limited Companies
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Select three features of joint ventures
Fill in the blanks for this passage explaining the advantages and disadvantages of franchising agreements.
Franchising can be a good option if the business owner in the question can afford the higher costs and is willing to profits. It also can suit entrepreneurs with less business as marketing is provided by the franchisor and support and guidance is usually available from the franchisor. The has a proven business model and a ready made customer base so there is a higher chance of success.
It is less suitable if the entrepreneur/business owners want to make their own decisions on what products to sell.
experience, independence, share, investment, franchise