A new business is set up by one person who keeps all the profits but is personally liable for all the debts of the business. Which type of business organisation is this?
Business Types Structure Governance
Question · Easy
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Short
Which feature most clearly distinguishes a limited company from a sole trader?
Designation for a UK business with two or more members, at least two of them designated, whose personal assets are protected from debts the business cannot pay.
Business types
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Chapter 1: Business Types, Legal Status, and Corporate Governance
1.1 Business Types and Ownership Models
Study guide
In the UK, which document sets out the rules for the internal management and running of a limited company, such as directors' powers and how shares are issued?
Question · Medium
Read the clue and guess the term in 6 tries.
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Corporate governance is best described as the system by which:
Kind of trader who runs a business alone and is personally responsible for its debts.
Which of the following is a key principle of good corporate governance?
A partnership in which all partners share unlimited liability for the firm's debts and there is no separate legal personality is known as a:
What the Partnership Act 1890 calls persons who have entered into partnership with one another collectively.
1.2 Legal Personality, Limited Liability, and Corporate Governance
Which statement about a not-for-profit organisation, such as a charity, is correct?
Swap tiles to line up three of the same term.
Term Match
Limited liability means that, if a company becomes insolvent, the shareholders' maximum loss is limited to:
A company's governing body, whose role includes promoting its long-term sustainable success and generating value for shareholders.
Governance
Which UK body maintains the public register of companies and receives statutory filings such as annual accounts and confirmation statements?
Directors of a UK limited company owe their statutory duties primarily to:
The effect of uncertainty on objectives, usually expressed through causes, potential events and consequences.
Chapter 2: Organisational Structure, Funding, and the Finance Function
2.1 Organisational Structures and Management Hierarchies
What is the primary role of the finance function within a business organisation?
Flip two cards at a time to find matching terms.
Term Pairs
Which of the following is an INTERNAL stakeholder of a company?
External Internal Environment
Six-part scanning model for external factors such as tax policy, interest rates and demographic change.
External analysis
The PESTLE model is used to analyse which aspect of a business?
A change in the corporation tax rate set by the government would be classified under which PESTLE factor?
What businesses can provide of a good or service, paired with demand in a market.
Micro-economics
2.2 Business Funding and the Strategic Role of the Finance Function
An ageing population and changing consumer lifestyles would be analysed under which PESTLE factor?
Find five hidden terms in a grid of letters.
Term Search
Microeconomics is primarily concerned with:
What people want to buy, paired with supply in a market.
According to the law of demand, if all other factors stay the same, an increase in the price of a normal good will usually cause the quantity demanded to:
Which of the following is a MACROeconomic indicator?
The alternation between recession and expansion phases, often called the business ___.
Economic phases
Chapter 3: Macroeconomic Environment, PESTLE, and Market Structures
3.1 The Macro-Environment and PESTLE Analysis
If a central bank raises interest rates, the most likely direct effect on businesses is that:
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A period of falling Gross Domestic Product (GDP), rising unemployment and reduced consumer spending best describes which stage of the business cycle?
A circumstance or relationship that could compromise a member's compliance with the fundamental ethical principles.
Professional ethics
In a SWOT analysis, which two elements relate to the INTERNAL environment of the business?
Which of the following best describes a business risk?
Disclosure sent to the National Crime Agency when a transaction appears linked to the proceeds of crime.
Money laundering
3.2 Microeconomics and Market Structures
A risk assessment matrix typically scores each risk according to its:
Which response to risk involves stopping the activity that gives rise to the risk altogether?
Statutory offence committed by dishonest false representation, failure to disclose information or abuse of position.
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