how a business can increase revenue ?

Get more customers through promotions or offers

make sure that the product is good

get more employees to work for you

the advantages of a franchise ?

Startup and ongoing support from head office

Limited liability protects owners’ personal wealth

Original owners likely to maintain control

Increased business reputation from being legally registered

Benefits of a franchise

Access to an established & recognised business

Less control over business direction

Startup licence fees can be expensive

are the different levels of employees or management in the organisation.

benefits of a sole trader

Economies of scale — bulk buy raw materials

Limited liability protects owners’ personal wealth

Shareholder disagreements can occur

Higher admin costs than sole trader or partnership as there is a legal process of incorporation

Finance through the sale of shares limited to family and friends

advantages of a franchise

Less risk as the business is already proven to work

Shareholder disagreements can occur

What is a Tall organizations

have many layers of management in its organisational hierarchy.

have few layers of management in its organizational hierarchy.

income to help pay for expenses

what is an advantage to Delegation

efficient use of staff downtime when subordinates are not busy

subordinates may feel pressured or stressed with extra tasks

subordinates may be inexperienced or unqualified to complete the job

hard to delegate in small or tall businesses as key information is lost in a long chain of command

What is a sole trader?

Owning a company with your mate

advantages of delayering

very expensive and difficult to administer

benefits of a cooperative

People closest to the cooperative are more satisfied as they receive a percent of the profits

Difficult legal structure to form

Financial information publicly available

The members might be inexperienced and not have adequate business acumen

have many layers of management in its organisational hierarchy.

have few layers of management in its organizational hierarchy.

are the different levels of employees or management in the organisation.

what is a benefit of a partnership?

Less risk as the business is already proven to work

what is tall orgnisations

have many layers of management in its organisational hierarchy.

are the different levels of employees or management in the organisation.

what is a cooperative?

a business owned by the community closest to the business, for example, its employees or customers

a legal agreement with another business to sell its products.

a business owned by shareholders that have bought shares on the open stock market, that is open to the general public.

a business owned by shareholders that are family and friends.

What is a disadvantage of a partnership?

Partners can specialize in different areas.

what is a benefit of a franchise?

Startup and ongoing support from head office

Less control over business direction

Startup licence fees can be expensive

what is an advantage to delayering

Give remaining workers more authority and responsibilities

Experienced and skilled managers may be lost

Can be very expensive and difficult to administer

what is the definition of an employee?

a worker who is hired to perform a job.

the person who owns the business.

is when a business removes a layer of management from its organisational hierarchy — it becomes flatter.

is when a business eliminates a certain job role.

s when a company changes its internal structure.

Businesses are usually organised by departments

what does a successful entrepreneur do?

raise the source of finance needed

takes risks to start a business

constantly be looking be looking or opportunities

what benefit does a Public Limited Company have?

Limited liability protects owners

People closest to the cooperative are more satisfied as they receive a percent of the profits

More complex legal recording procedure

Financial information publicly available

what is an advantage of redundancy

Cut the costs of wages and salaries (long term)

High redundancy payments (short term)

what is a Tall organisation

have many layers of management in its organisational hierarchy.

are the different levels of employees or management in the organisation.

have many layers of management in its organisational hierarchy.

advantages of delayering

give remaining workers more authority and responsibilities

cut the costs of wages and salaries

High redundancy payments (short term)

Can be very expensive and difficult to administer

Advantage of a franchise

Less control over the business direction

Paying percentage of profits to franchisor

are the different levels of employees or management in the organisation.

the amount of walls a house has

are the people below a manager in the hierarchy. E.g. salesperson is a subordinate of the head of sales.

2022-10B-AO1

Authored by Seb Hart

Business

2nd Grade

Used 5+ times

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63 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Benefit of a sole trader?

Quick and easy to start up

Two or more people to invest

Shared workload

Unlimited liability

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

what is a benefit of being a sole trader?

unlimited liability

quick and easy to set up

lots of people to work with

democracy

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is an Entrepreneur?

a risk taker that starts their own business or enterprise to make a profit or for ethical reasons.

someone who gives out loans

working for someone

doesnt invest

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Benefits of a partnership

Easy to startup & little paperwork once the deed of partnership complete

Unlimited liability

Disagreements may occur

Longer decision-making — all partners must agree

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Benefits of a partnership over a soletrader

less people

Wider range of skills and attributes

More control over decision making

Less funding

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a hierarchy?

is the route/line of communication and authority within a business, it shows the route an order takes to get to its intended recipient.

is the number of people a manager is directly responsible for (only directly under).

shows the layers of management and authority in a business or enterprise.

is the assignment and entrustment of tasks to another person below you in the hierarchy.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which one of these is an attribute?

Sales

Confidence

Timekeeping

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2022-10B-AO1

Benefit of a sole trader?

what is a benefit of being a sole trader?

What is an Entrepreneur?

Benefits of a partnership

Benefits of a partnership over a soletrader

What is a hierarchy?

Which one of these is an attribute?

Benefits of a sole trader

how a business can increase revenue ?

the advantages of a franchise ?

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Popular Resources on Wayground