Have an account?
Skip to Content
Build your own quiz
Suggestions for you
10 questions
Show Answers
See Preview
- 1. Multiple ChoiceHow many people own a sole trader business?32120
- 2. Multiple ChoiceA sole trader isa business with one employeea business selling one producta business with one ownera business with one shop/office
- 3. Multiple ChoiceWhat is unlimited liability?If the business fails you will not lose personal possessionsIf the business fails you will lose personal possessions
- 4. Multiple ChoiceA sole trader has responsibility forpreparing the accounts of the businessall aspects of their businessselling the productscompleting spreadsheets
- 5. Multiple Choice
A sole proprietor has to share the profits made by the business. True or False?
True
False
- 6. Multiple Choice
Select TWO true statements that relate to a sole trader.
Sole traders have limited liability
Sole traders get to make all their own decisions about the business
Sole traders may find it harder to raise funds for the business
Sole traders usually get more holidays than partners or directors
- 7. Multiple ChoiceWhich type of business has the most trouble getting financing?Sole TraderPartnershipBothNeither
- 8. Multiple Choice
Unlimited Liability is
The owner has to pay off all the debts of the business. To the extent that their private assets may be sold to cover the businesses debts.
When a company's shareholders have to pay only their share value to meet debts incurred by the company.
- 9. Multiple Choice
Sole traders have unlimited liability. True or False?
False
True
- 10. Multiple Choice
What are 3 of the benefits of being a sole trader?
Easy to establish
Keep all the profit
Get to make all the decisions
Unlimited liability
- Answer choicesTagsAnswer choicesTags