Some examples from this set of practice questions
1.
Types of organisations
Answer: +For-profit +Not-for-profit
2.
What are for-profit enterprises?
Answer: For-profit enterprises aim to provide a good or service to make a profit
3.
Examples of for-profit enterprises
Answer: Debenhams, Dunnes Stores, Tesco, Eason\'s
4.
What are not-for-profit enterprises?
Answer: Not-for-profit enterprises aim to provide a service for other who cannot provide it for themselves or access the service in their own area
5.
Explain the term \'bottom line\'
Answer: The final result or the main point. It is what you want after all your work is done
6.
A not-for-profit enterprise has a triple bottom line often called the 3Ps. List them.
Answer: 1)To serve People (social, cultural) 2)To Protect the Planet (environment) 3)To make a Profit (financial)
7.
Examples of not-for-profit enterprises
Answer: Penny dinners, Pieta House, Cancer Research, St.Vincent de Paul.
8.
3 main ownership types?
Answer: *Sole trader *Private limited companies *Co-operatives
9.
Who is a sole trader?
Answer: An individual who sets up, owns, runs and controls a business. This individual provides the money to start and operate the business
10.
Define unlimited liability
Answer: When you have unlimited liability, if your business fails you could lose everything you own including your house
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