Types of business ownership Escape Room

Types of Business Ownership Escape room

Start

Escape Education

Complete the activity for each lesson and achieve UBO 2.1

Corporations

Partnerships

Sole Proprietor

Joint Ventures

Co-operatives

Franchises

Lesson 01

Question 01/03

A sole proprietorship is

a type of business structure where a single individual owns and operates the business.

a business that only sells fish

a business that only repairs shoes

01

Question 02/03

Setting up a sole trader business is relatively easy and requires minimal paperwork, making it...

expensive to set-up

a very rare form of business type

a popular choice for small businesses and entrepreneurs

01

Question 03/03

With sole proprietors there is no legal distinction between the owner and the business, and the owner is...

personally responsible for all the decisions and actions of the business.

usually over six feet tall

always successful

Perfect, you have passed!

Move on to the next lesson

Continuing

Escape Education

Complete the activity for each lesson and earn a fantastic diploma

Corporations

Partnerships

Sole Proprietor

Joint Ventures

Co-operatives

Franchises

Lesson 02

Question 01/03

A partnership is a business where there are two or more owners of the enterprise and...

Most partnerships are between two and twenty members

A Partnership CAN NOT have more than twenty partners

Partner can not bring money and resources to the business

A Partnership would NOT be good for a law firm

02

Question 02/03

Advantages of a Partnership include:

There is shared responsibility for debt by the owners

They can raise lots of money by selling shares

Partners do not have to agree on decisions

Any profits do not have to be shared

02

Question 03/03

Partnerships are often found in businesses that provide a professional service, such as lawyers, doctors and accountancy practices because...

Lawyers are lazy and want to share the work

These services need a wide range of knowledge

Partnerships automaticallly give unlimited liability

UK law say they must

Excellent, you have passed!

Move on to the next lesson

Continuing

Escape Education

Complete the activity for each lesson and get a fantastic diploma

Corporations

Partnerships

Sole Proprietor

Joint Ventures

Co-operatives

Franchises

Lesson 03

Question 01/03

Shareholders own a corporation and are not personally liable for any company debts or claims against the business: they are only liable for what they have personally invested.

False

True

03

Question 02/03

Corporations are recognised as a separate legal entity from the owners.

False

True

03

Question 03/03

In the UK corporations are either Private Limited Companies (Ltd) or Public Limited Companies (plc)

True

False

Great, you have passed!

Proceed to the next lesson

Continuing

Escape Education

Complete the activity for each lesson and earn a fantastic diploma

Corporations

Partnerships

Sole Proprietor

Joint Ventures

Co-operatives

Franchises

Lesson 04

Question 01/03

Franchising arises when a franchisor grants a licence (franchise) to another business (franchisee)...

to allow it trade using the brand / business model

for free

so it fails

as a favour

04

Question 02/03

The main advantages of setting up as a franchisee include:

The Franchisee decides everything

It does not cost

support from the franchisor

the model can be ignored

04

Question 03/03

Franchising is particularly suitable for...

Service businesses

an unprofitable business

French people

Manufacturing

Perfect, you have passed!

Advance to the next lesson

Continuing

Escape Education

Complete the activity for each lesson and get a fantastic diploma

Corporations

Partnerships

Sole Proprietor

Joint Ventures

Co-operatives

Franchises

Lesson 05

Question 01/03

Co-ops are owned and run by their members, who can be ...

Other businesses

Employees

Customers

Incorrect

Correct

Incorrect

05

Question 02/03

Examples of Co-operatives include...

Suma

John Lewis

Arla Foods

Correct

Incorrect

Incorrect

05

Question 03/03

Co-operative businesses are run on principles of shared...

Ownership

Profits

Voice

Incorrect

Incorrect

Correct

Perfect, you have passed!

Move on to the next lesson

Continuing

Escape Education

Complete the activity for each lesson and earn a fantastic diploma

Corporations

Partnerships

Sole Proprietor

Joint Ventures

Co-operatives

Franchises

Lesson 06

Question 01/03

A joint venture (JV) is a business arrangement in which ...

Some carpenters make a table

a separate business entity is created by two or more parties, involving shared ownership, returns and risks

06

Question 02/03

JV partners benefit from...

...each other's expertise and resources

...conflict of interest

06

Question 03/03

A joint venture (JV) business...

...only happens in service industries

...just makes wooden products

...reduces the risk of a growth strategy

...usually fails

Perfect, you have passed!

You have completed all the lessons, we have finished

Great!

Escape Education

Great! You have passed all the lessons. Now, write up your evidence!

Let's go!

Calderdale College

Congratulations!

UBO AC 2.1

Well done! Now, make sure you complete the AC 2.1 Task Sheet

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