Podcast
Questions and Answers
What is the purpose of a business plan?
What is the purpose of a business plan?
- To decide on the legal structure of the business
- To outline business objectives and important operational details (correct)
- To determine the price of the selling product
- To increase taxes for the government
Why is it important for entrepreneurs to have a business plan when seeking a bank loan?
Why is it important for entrepreneurs to have a business plan when seeking a bank loan?
- To determine the legal structure of the business
- To show banks the objectives and details of the new business (correct)
- To understand how to control strategic industries
- To increase profits for the business
In what way does growing a business benefit the government?
In what way does growing a business benefit the government?
- By reducing taxes collected from businesses
- By decreasing employment opportunities
- By increasing the control over public sector organizations
- By enabling the collection of more taxes as businesses grow (correct)
What distinguishes private sector businesses from public sector organizations?
What distinguishes private sector businesses from public sector organizations?
How do entrepreneurs benefit society other than through jobs and profits?
How do entrepreneurs benefit society other than through jobs and profits?
Why are strategic industries like energy and defense under state control?
Why are strategic industries like energy and defense under state control?
What is the primary purpose of having rules about profit-sharing and other partnership arrangements in a business?
What is the primary purpose of having rules about profit-sharing and other partnership arrangements in a business?
What is the initial payment a franchisee must make to the franchisor?
What is the initial payment a franchisee must make to the franchisor?
What is the primary benefit of franchising to the franchisor?
What is the primary benefit of franchising to the franchisor?
What is the primary reason a franchisor would be willing to allow others to trade under their brand name?
What is the primary reason a franchisor would be willing to allow others to trade under their brand name?
If three partners invest $10,000, $20,000, and $50,000 respectively, how will the profits be shared among them?
If three partners invest $10,000, $20,000, and $50,000 respectively, how will the profits be shared among them?
What is the primary function of the 'essential equipment' provided by the franchisor to the franchisee?
What is the primary function of the 'essential equipment' provided by the franchisor to the franchisee?
What is a key benefit of franchisee having local knowledge for the franchisor?
What is a key benefit of franchisee having local knowledge for the franchisor?
Which document is responsible for setting out the constitution and details about a company?
Which document is responsible for setting out the constitution and details about a company?
What does a limited liability company being incorporated create?
What does a limited liability company being incorporated create?
Which document is responsible for dealing with the internal running of a company?
Which document is responsible for dealing with the internal running of a company?
What must be sent to the registrar of companies before a limited company can be formed?
What must be sent to the registrar of companies before a limited company can be formed?
What is one key detail that must be included in the Memorandum of Association?
What is one key detail that must be included in the Memorandum of Association?
Which factor can contribute to the reduction of competition between companies in a joint venture?
Which factor can contribute to the reduction of competition between companies in a joint venture?
What is a potential drawback mentioned regarding some joint ventures?
What is a potential drawback mentioned regarding some joint ventures?
How can disagreements about the management of a joint venture impact its success?
How can disagreements about the management of a joint venture impact its success?
In a 50:50 joint venture, what is a common issue that may arise?
In a 50:50 joint venture, what is a common issue that may arise?
How does sharing responsibility within companies benefit a joint venture?
How does sharing responsibility within companies benefit a joint venture?
What is a characteristic of private limited companies?
What is a characteristic of private limited companies?
In what scenario can a private limited company convert to a public limited company?
In what scenario can a private limited company convert to a public limited company?
What is a limitation of joint ventures in business?
What is a limitation of joint ventures in business?
What does the abbreviation 'Ltd' indicate in a company name?
What does the abbreviation 'Ltd' indicate in a company name?
What action should a private limited company take to become a public limited company?
What action should a private limited company take to become a public limited company?
What advantage do joint ventures offer to businesses?
What advantage do joint ventures offer to businesses?
