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N5 Business - Sole Trader

Authored by Claire Teacher)

Business

4th - 6th Grade

Used 11+ times

N5 Business - Sole Trader
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10 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the 3 sectors of economy?

Private sector

First sector

Public sector

Third sector

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which types of businesses are included within the private sector?

Charities, Social Enterprises, Youth Clubs, Local Authorities

Partnership, Police, Schools, Charities

Sole trader, Partnership, LTD, PLC

Sole trader, LTD, PLC, Voluntary

3.

MULTIPLE CHOICE QUESTION

30 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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'unlimited liability' mean?

If the business fails, you will not lose personal possessions

If the business fails, you will lose personal possessions

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sole trader has responsibility for...

Preparing the accounts for the business

Selling the products

All aspects of their business

Completing Spreadsheets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An objective of a sole trader is...

To sell more shares on the stock market

To survive in tough economic times

To increase the dividend given to investors

To maximise the amount of loans they can receive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An advantage of being a sole trader is...

You can take time off whenever you want

You can receive large amounts of finance from loans

You can grow your business really easily

You receive all of the business' profit for yourself

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