What is the term for the legal recognition of a business as a distinct entity separate from its owners?
- Partnership agreement
- Limited liability
- Incorporation
- Merger
Which of the following is a service?
- Paying a shopkeeper for an ice cream
- Paying a barber for a haircut
- Buying groceries from a supermarket
- Buying a new mobile phone
A business sells 150 pogo sticks at £20 each. What is its revenue?
What does the term "franchise" refer to in the context of business?
- A type of business partnership
- A business that is owned and operated by the government
- A nonprofit organisation
- A business licensing another to use its brand
Which is not a function of a business plan?
- Identifying business needs
- Advertising new products
- Estimating future sales
- Calculating future spending
In which type of market structure does a single firm dominate the entire industry with no competitors?
- Perfect competition
- Monopolistic competition
- Oligopoly
- Monopoly
A business purchasing a customer is…
- Conglomerate integration
- Forward vertical integration
- Backward vertical integration
- Horizontal integration
What is a mission statement for a business?
- A document outlining the legal structure of the company
- A statement describing the company's long-term goals and purpose
- A financial statement detailing the company's profits and losses
- A marketing plan for a new product
In a market economy, what determines the prices of goods and services?
- Government regulations
- Supply and demand
- Central planning
- The number of businesses in the industry
Which type of business organisation offers limited liability to its owners
- Sole trader
- Partnership
- Public limited company
- Freelance worker
