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- 1. Multiple ChoiceWhich of these businesses is a sole trader?Domino'sMarks & SpencerAmazonLocal Newsagent
- 2. Multiple ChoiceAre Sole Traders large or small businesses?LargeSmall
- 3. Multiple ChoiceHow many people own a sole trader business?32120
- 4. Multiple ChoiceAn advantage of being a sole trader isyou can take time off whenever you wantyou can grow your business really easilyyou can receive large amounts of finance from loansyou receive all the firm's profit for yourself
- 5. Multiple ChoiceA disadvantage of being a sole trader isa heavy workload creates stress and pressurea second opinion on important decisions is always availablearguments and disagreements can harm the progress of the businessthe owner gets a smaller share of the profits
- 6. Multiple ChoiceA partnership has between 2 and 20employeesshareholdersownerscustomers
- 7. Multiple ChoiceA partnership arrangement is commonly found inthe fire servicedentists' surgerieslocal councilssupermarkets
- 8. Multiple ChoiceWhich of the following is NOT included in a Deed of Partnership?How the profit is to be split between the partnersThe name of the partnership's accountantThe responsibilities of each partnerThe date the partnership started up
- 9. Multiple Choice
Unlimited liability means
the business is closed down because of too much debt
the owners' personal possessions can be used to cover the firm's debts
the bank will refuse to give loans to the business
the business will struggle to attract investors
- 10. Multiple ChoiceIt is easier to raise finance in a partnership becausethe partners have more personal wealth than a sole traderall the partners will invest a certain amount in the businessthe bank will give a partnership lower interest rates for all loanspartnerships are the only type of business that can receive grants
- 11. Multiple ChoiceWhich of the following is an advantage of being in a partnership?Ideas and decision making can be sharedThe most senior partner has responsibility for running the businessPartners can have responsibility for many different areas of the businessEach partner gets the same share of the profits
- 12. Multiple ChoiceWhat happens if a partner decides to leave the business?The other partners continue in the existing businessThe partnership is dissolved and reformedThe partner who leaves is given compensationThe partnership has to find a new lawyer
- 13. Multiple ChoiceA sole trader and partnership can expand byrenovating their premisesbuying more shares in the businessopening another branchmaking employees redundant
- 14. Multiple ChoiceThe sharing of profits in a partnership is based onthe age of each partnerthe experience of each partner in businessthe number of years each individual has been a partnerthe amount of capital invested by each partner
- 15. Multiple ChoiceWhich of the following is NOT an impact of partners arguing and disagreeing with each other?There is a bad working atmosphere in the partnershipLess work is completed in the partnershipBad decisions are made in the partnershipAll partners decide to invest more capital in the business
- 16. Multiple ChoiceIn a partnership, all profits are shared between the partners.FalseTrue
- 17. Multiple ChoiceWhich of the businesses has unlimited liability?Sole TraderPartnershipBoth
- 18. Multiple Choice
Sole traders and Partnerships are
Incorporated
Profit making
Unincorporated
Shareholding
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