GCSE Business Studies Revision: Business Structures (With Mock Questions!)
Hello, students! 😊
Are you ready to ace your GCSE Business Studies exam? Today, we’re focusing on Business Structures, a crucial part of the course. Don’t worry—I’m here to guide you through this with energy and enthusiasm! Together, we’ll tackle the key points and get you feeling prepared for those exam questions.
What Are Business Structures?
Business structures are all about how a business is set up. Every business, from a small corner shop to a large multinational corporation, has a structure that determines how it runs. Understanding these structures helps you grasp the roles, responsibilities, and potential growth of a business.
We’ll dive into the different types of business structures you need to know and look at what you should be able to explain clearly for your exam.
Key Learning Items 💡
When revising Business Structures, you’ll need to know:
🧩 Sole Traders: What are they, and how do they operate?
🧩 Partnerships: How are profits shared, and what are the risks?
🧩 Private Limited Companies (Ltd): Why do they limit liability?
🧩 Public Limited Companies (PLC): What makes them different from an Ltd?
🧩 Franchises: How do they work, and what are the pros and cons for franchisees and franchisors?
Each of these has specific features, advantages, and disadvantages, which you should be familiar with!
What You Need to Demonstrate
To score well on this topic, you’ll need to show:
1️⃣ A clear understanding of different business structures and their key features.
2️⃣ The ability to compare and contrast business types, especially in terms of liability, ownership, and control.
3️⃣ The skill to explain the benefits and drawbacks of each structure in a way that links to business success or failure.
Remember, examples are super helpful when answering longer questions! Practice thinking about real-world businesses and their structures.
Key Things to Remember Before the Exam
Before sitting your exam, make sure you:
✨ Know the definitions and key terms inside and out.
✨ Can explain the advantages and disadvantages of each structure.
✨ Are ready to compare limited and unlimited liability.
✨ Understand how ownership and decision-making differ between business types.
✨ Feel confident applying this knowledge to real-world examples in your answers.
Take a deep breath, stay calm, and trust your preparation. You've got this! 🙌
Mock Questions: Test Your Knowledge!
Let’s test your understanding of Business Structures with these practice questions.
Q1 - Which type of business structure offers unlimited liability?
a) Sole trader
b) Public limited company
c) Private limited company
d) Franchise
Q2 - What is a key characteristic of a franchise?
a) Ownership is shared among shareholders
b) The franchisee pays for the rights to operate under the franchisor’s name
c) All profits must be shared equally among employees
d) Franchises are only found in the retail sector
Q3 - In a private limited company (Ltd), who owns the business?
a) The government
b) A single person
c) Shareholders
d) The employees
Q4 - What is the main difference between a private limited company and a public limited company?
a) Only public limited companies offer limited liability
b) Public limited companies can sell shares to the public
c) Private limited companies can sell shares on the stock market
d) Public limited companies have only one owner
Q5 - Which of the following businesses would most likely operate as a sole trader?
a) A large supermarket chain
b) A local freelance photographer
c) A multinational technology company
d) A public hospital
See more questions in our full Q&A Business Studies Booklet
Good luck with your revision, and remember—success comes from preparation and practice! 📚 Keep revising, keep testing yourself, and go into that exam feeling confident!
You’re going to do amazing! 💪🎉