Year 8 Business and Economics Exam Revision

A business partnership has ___________ who share the risks and the profits.

• One owner
• No more than three owners
• Two or more owners
• Five or more owners

In which of the following would one person be responsible for all of the risks but also receive all of the profits?

• Corporation

• Sole Trader

• Partnership

• Dual owner business

What do we call a person who is willing to take the risks of starting a business in order to make a profit?

• Proprieter
• Partner
• Entrepreneur
• Incorporater

What is ONE advantage of a Partnership?

• Someone else can help with decisions, etc.
• Double taxes
• Disagreements

Which is ONE disadvantage of Sole Trader?

• Less direct control

• Disagreements

• Hard to raise money

What is ONE advantage of a Sole Trader?

• You make ALL the decisions

• Easy to raise money

• You have to share profits

What is a business owned by stockholders/investors but operated by others?

• Sole Proprietorship
• Partnership
• Corporation

What is a business owned and operated by two or more people?

• Sole Proprietorship
• Partnership
• Corporation

What is income?

• It is your salary.

• It is the money you get in exchange for work, from the sales of good or property, as a profit from initial investments

• It is all the money you receive when you come into a new business

Which of the following could be a franchise?

• restaurants
•  hotels
• retail stores
• All of above