Business ownership

What is the main advantage of being a sole trader?

• Unlimited liability
• Limited liability
  
• Be able to make quick decisions

Who is limited liability an advantage to?

• Shareholders
  
• Stakeholders
  
• Sole traders

What is a partnership?

• A business owned by shareholders
• One person trading alone
  
• Two or more individuals trading together

A person who sets up a business or businesses, taking on financial risks in the hope of profit.

• Entrepreneur
• Franchiser
• Director
• Trader

Tom works as a computer consultant on his own. He obtains and services his customers, and handles all billing and collections. What form of ownership is Tom’s business?

• partnership
• sole proprietorship
• corporation

A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)

• partnership
• sole proprietorship
• corporation

Corporations are governed by a(n)

• individual 
• partnership
• Board of Directors
• magnificent 7

Name the type of corporation which operates to accomplish a specific mission—other than to earn income

• for profit
• non-profit
• Chapter 7 LLC
• S Corporation

What type of business ownership allows individuals to purchase shares of stock and become owner's?

• Sole proprietorship
• Partnership
• Corporation

The majority of businesses are this type of this business ownership but generate the least amount of sales.

• Proprietorship
• Partnership
• Corporation
• Franchise