Understanding Different Types of Companies and Their Characteristics

BSC (Hons) BUSINESS MANAGEMENT WITH
FOUNDATION
SEMESTER 1, EXAMINATION 2021/22
BUSINESS IN PRACTICE
MODULE NO: BMP3002
Exam Paper Release Date & Time: Saturday 13 August 2022 at 10:00am
Submission Cut-off Date & Time: Monday 15 August 2022 at 10:00am
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ANSWER BOOKLET
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Please type your answers in the spaces provided.
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Student Name
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[Start writing you answer from this page. There are THREE questions. You are required to
answer any TWO questions. For each sub-questions, use heading such as “Answer to the
Question no. 1(a)” or “Answer to the Question no. 3(b)” etc]
1. You are to show an understanding of the different types of companies and
how they work. You are required to answer ALL five questions below:
(Total 50 Marks)
I. Discuss the main criteria used for classifying different kind of businesses?

Business corporations shows where the technique of commercial business our systematic
and structured in accordance to achieve the long term task and objectives of the organization as in
an effective and as well as an efficient manner.
II. Explain microbusiness with appropriate examples.
Micro business:
Micro businesses consist of almost 10 workers in its functions and it is commonly the
important component of the economy of the Britain. Moreover to this the main example of the
micro businesses are boss brewing, beauty Boulevard and several others as in an effective and as
well as an efficient manner (Calandra, and et.al., 2022).
Characteristics -
 In micro businesses where are workers that are performing the operations of the business are
around almost 10 not more than that that is why it is known to be the micro business.
 In this type of the organization decision maker or the top level management is
only the single individual that is the owner of the organization.
III. Explain small business with appropriate examples.
Small business:
Small businesses refers to those type of the commercial businesses which are owned as well
as managed by the single person and in this commercial business there are around 40 employees
that are performing in the company for the betterment and long term sustainability and success of
the organization as in an effective and as well as an efficient manner. Moreover to this milk
booth, electrician, technician, flower shop are few of the basic examples of small businesses that
perform in the specific market area in an efficient as well as effectual way.
Characteristics -
 Small businesses are known to be very flexible as well as open for any type of major
changes as well as dynamic modification in the functioning of the business.
 Decision maker as well as liable for losses and owner of the prophet as only the
single individual who is known to be the owner of the organization in small
businesses. It is also refers to the soul proprietorship as well.
IV. Explain medium size business with appropriate examples.
Medium size business:
This type of commercial business refers to the employees and staff which are performing in
the organization will having more than 250 workers for the long term growth and success of the
business (Dobni, Wilson, and Klassen, 2022). Medium size businesses are basically responsible
for observing as well as monitoring every of the activities and functions of the business as in an
effective and as well as an efficient manner. For instance land Bay add the spirit group of
health and farmers are known to be few of the example of the businesses that belongs to this
category.
.
Characteristics -
Medium size organization are known to be more offer labour intensive and it does not involve
costly as well as expensive and heavy machinery and plant in the functions of the organization that
can be accomplished ineffectual and effective way possible in the market area as in an effective
and as well as an efficient manner (Grisold, and et.al., 2022).
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