Which of the following best
describes the term limited liability? If the business fails:
1.2 Business ownership
Quiz
•
Business
•
5th Grade
•
Medium
Jonathan Stokes
Used 32+ times
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best
describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of legal structure is used when two or more people join together to start a business and have unlimited liability?
Sole trader
Partnership
Private limited company
Public limited company
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the owners of private and public limited companies called?
Stakeholders
Managers
Board of directors
Shareholders
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an advantage of operating a large established business as a public limited company?
Shares can be sold to the public to raise additional finance
Financial accounts are published
Shares can only be sold to invited investors to raise finance
Owners have unlimited liability
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a disadvantage of setting up a business as a partnership?
Shared losses
Shared workload
Shared profit
More ideas generated
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following types of business can advertise shares for sale to the general public?
Sole trader
Partnership
Private limited company
Public limited company
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