Understanding Business Organisations

Understanding Business Organisations

Assessment

Flashcard

Business

12th Grade

Hard

Created by

Romonia Singh

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

What is a sole proprietorship?

Back

A sole proprietorship is a business owned and operated by one person, with no legal separation between the owner and the business.

2.

FLASHCARD QUESTION

Front

How many owners does a sole trader business have?

Back

1

3.

FLASHCARD QUESTION

Front

What type of liability does a sole proprietor face?

Back

Unlimited personal liability

4.

FLASHCARD QUESTION

Front

Can a sole trader enter into contracts on behalf of the business?

Back

Yes, a sole trader can enter into contracts on behalf of the business.

5.

FLASHCARD QUESTION

Front

What is the main advantage of operating as a sole trader?

Back

Simplicity and full control over the business.

6.

FLASHCARD QUESTION

Front

What distinguishes a general partnership from a limited partnership?

Back

A general partnership has equal liability for all partners, while a limited partnership has both general and limited partners with different levels of liability.

7.

FLASHCARD QUESTION

Front

In a limited partnership, who has limited liability? Options: Managers, Shareholders, General partners, Limited partners

Back

Limited partners

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