Understanding Business Organisations
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Romonia Singh
FREE Resource
Student preview
10 questions
Show all answers
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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