A disadvantage of being a sole trader is

a heavy workload creates stress and pressure

a second opinion on important decisions is always available

arguments and disagreements can harm the progress of the business

the owner gets a smaller share of the profits

An advantage of a business receiving a grant is

they do not have to pay it back

the interest rates are very low

they can apply for several grants every year

it is usually a very large amount

Reinvested profit is when

some of the profit is kept in the firm rather than being given to the owners

the owners share of the profits is increased

the value of the business increases

the firm can attract more investors because the profits are high

Which of the following is NOT included in a Deed of Partnership?

The name of the partnership's accountant

How the profit is to be split between the partners

The responsibilities of each partner

The date the partnership started up

Which of the following is NOT a reason why a Deed of Partnership is needed?

To give to employees of the firm so they know what their job includes

To prevent arguments and disputes

To ensure each partner knows what they are responsible for

It is easier to raise finance in a partnership because

all the partners will invest a certain amount in the business

the partners have more personal wealth than a sole trader

the bank will give a partnership lower interest rates for all loans

partnerships are the only type of business that can receive grants

Which of the following is an advantage of being in a partnership?

Ideas and decision making can be shared

The most senior partner has responsibility for running the business

Partners can have responsibility for many different areas of the business

Each partner gets the same share of the profits

What happens if a partner decides to leave the business?

The partnership is dissolved and reformed

The other partners continue in the existing business

The partner who leaves is given compensation

The partnership has to find a new lawyer

A sole trader and partnership can expand by

buying more shares in the business

The sharing of profits in a partnership is based on

the amount of capital invested by each partner

the experience of each partner in business

the number of years each individual has been a partner

The term 'interest' is

the extra amount charged by the bank when they lend to a firm

an enquiry from someone who wants to join the partnership

the amount of bonus given to each employee

the tax that firm's have to pay when they sell goods

Which of the following is NOT an impact of partners arguing and disagreeing with each other?

All partners decide to invest more capital in the business

There is a bad working atmosphere in the partnership

Less work is completed in the partnership

Bad decisions are made in the partnership

Sole traders and partnerships Quiz

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A sole trader is

a business with one employee

a business selling one product

a business with one owner

a business with one shop/office

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The term for money invested in a business is

finance

capital

investment

shares

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Profit is

the money that the business makes from selling its products

the money that the business receives from the bank

the money that the owners use to start up the business

the money the business makes once all costs are paid

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A sole trader has responsibility for

preparing the accounts of the business

all aspects of their business

selling the products

completing spreadsheets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An objective of a sole trader is

to sell more shares on the stock market

to increase the dividend given to investors

to survive in tough economic times

to maximise the amount of loans they can receive

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An advantage of being a sole trader is

you can take time off whenever you want

you can grow your business really easily

you can receive large amounts of finance from loans

you receive all the firm's profit for yourself

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Sole traders and partnerships

A sole trader is

The term for money invested in a business is

Profit is

A sole trader has responsibility for

An objective of a sole trader is

Unlimited liability means

An advantage of being a sole trader is

A disadvantage of being a sole trader is

A grant is a source of finance given by

An advantage of a business receiving a grant is

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