1.2 Business ownership

1.2 Business ownership

5th Grade

15 Qs

quiz-placeholder

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1.2 Business ownership

1.2 Business ownership

Assessment

Quiz

Business

5th Grade

Medium

Created by

Jonathan Stokes

Used 32+ times

FREE Resource

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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