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14 questions
Which of these are features of the Public Sector
Provides public goods
Helps reduce inequality in society
Less bureaucracy
Creates jobs to fill market gaps
The private sector creates opportunities for entrepreneurs to enter the free market
True
False
A ___________ is an individual who owns their own business
Identify features of a Sole Trader
Simplest form of business structure
Gives owner full control of business decisions
Has limited liability
Can employ people to help with the running of the business
A partnership has limited liability
True
False
What is one advantage of being a Sole Trader?
What is one disadvantage of being in a Partnership?
When the business owner is personally responsible for any loss the business makes.
The following features describe which type of business structure:
Shared profits
Unlimited Liability
2 or more owners
Trust
Partnership
Company
Government Business Enterprise
What is the definition of Limited Liability?
A person's financial liability is limited to a fixed sum, most commonly the value of a person's investment
owners who are legally responsible for any debt their business might accrue
The sector of the economy under the control of the government at a federal, state and local level
A private company
Is limited to 50 non-employee shareholders
Is listed on the stock exchange
Contains Pty Ltd
Money is raised through public revenue
A ____________ is an agreement in which a person or company agree to hold assets for the benefit of others
Administers the provision of goods and services
Public Company
Sole Trader
Family Trust
Public Sector
What is the main aim of the private sector?
Make a profit
Give investors a chance to enter the market
Own your own business
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