A sole proprietor has to share the profits made by the business. True or False?

• True

• False

Select TWO true statements that relate to a sole trader.

• Sole traders have limited liability

• Sole traders get to make all their own decisions about the business

• Sole traders may find it harder to raise funds for the business

• Sole traders usually get more holidays than partners or directors

Why may an entrepreneur prefer to set up a business as a partnership?

• The entrepreneur would get to make all the decisions

• They entrepreneur would get to keep all the profit

• The business would benefit from a greater range of skills and knowledge

• The business would make more money quicker

Partnerships are set up by....

• One person

• Two or more people

• Ten or more people

• Twenty or more people

Which of the following are types of limited company? (Select 2 answers)

• Personal

• Private

• Public

• Premier

A limited company is owned by

• Shareholders

• Stakeholders

• Directors

• Employees

A sole trader is responsible for all the debts of the business. True or False?

• True

• False

What type of ownership could a franchise have?

• Sole trader

• Partnership

• Ltd. Company

• All of the above

A franchisee can choose to sell products not supplied by the franchisor. True or False?

• True

• False

Which of the following is an advantage of operating as a franchise?

• You can choose your own location

• You can sell whatever you want

• You have an established brand name

• You do not have to pay for staff training