Section A (Short Answer)

Answer all questions

1 (a) Define the term ‘franchise’. [2]

(b) Explain two advantages to a business of buying a franchise. [3]

2 (a) Define the term ‘partnership’. [2]

(b) Explain two limitations of partnership as a business structure. [3]

3 Explain the problems a sole trader might have if they change the legal structure to a
partnership. [5]

4 (a) Define the term ‘entrepreneur’. [2]

(b) Explain two qualities of a successful entrepreneur. [3]

Section B (Essay)
Answer All questions

5 (a) Analyze the possible problems that a new business might experience during its early
stages [8]

(b) Discuss the importance of accurate business objectives to a small business. [12]

MEMON EXAMINATIONS COUNCIL 1 | P a g e