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- 1. Multiple Choice
Which of the following is not a disadvantage of a partnership?
Unlimited liability- the owners are personally responsible for any business debt.
Profits are shared between partners.
Partners may disagree on business decisions or how it's run.
Knowledge and capital is more readily available with a more partners.
- 2. Multiple Choice
How is a private limited company different from a sole trader?
Private limited companies are owned by only one person.
Private limited companies can have many private owners who buy shares in the business.
Sole traders require a legal charter for the business
Sole traders are global businesses.
- 3. Multiple Choice
How is a limited company different from a sole trader or partnership?
Limited companies has only one or two owners.
Limited companies is usually owned by one person.
Limited companies requires a legal charter to start.
The owners of the limited company control the business.
- 4. Multiple Choice
How are partnerships and a sole trader alike?
Can sell stock to raise money
Easy to start the business
Needs 2 or more owners
Require a contract to start
- 5. Multiple ChoiceGoodwill Industries helps poor and homeless people with the money raised by selling donated products in their stores. Goodwill is classified as what kind of business?Non-profitFor-profit
- 6. Multiple Choice
Norman and Jones Pet Sitting business is the best pet sitting business in Bexley. How is Norman and Jones Pet Sitting business classified?
Secondary business
Quaternary business
Primary business
Tertiary business
- 7. Multiple ChoiceEntrepreneurs enter business because they desire to make money. The term that best describes this is:GreedPricing motiveProfit motiveService
- 8. Multiple Choice
Microsoft is a very familiar business and is known as a:
Limited Company
Franchise
Sole Proprietorship
Partnership
- 9. Multiple Choice
Subway is a very familiar business known as a:
Limited Liability
Franchise
Sole proprietorship
Partnership
- 10. Multiple Choice
What does limited liability mean for business owners?
They are personally responsible for covering the business's losses
The owners can only sell certain goods
They are responsible only for some or none of the business's losses
They specialise in providing liability insurance
- 11. Multiple Choice
Farmers, Fishers and Miners are all classified as which type of business?
Secondary business
Quaternary business
Primary business
Tertiary business
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