Economics Chapter 7 "Sole Proprietorship & Partnership

Which type of business has only one owner?

• Sole Trader
• Partnership

Which type of business can have two or more employees?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has the most trouble getting financing?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has unlimited liability?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business is the owner allowed to keep 100% of the profits?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has limited scope for expansion and might not continue upon death of the owner?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has a greater stability and expertise to run the business?

• Sole Trader
• Partnership
• Both
• Neither

Which type of business has to share profits, responsibility and liabilities?

• Sole Trader
• Partnership
• Both
• Neither

A sole trader is

• a business with one employee
• a business selling one product
• a business with one owner
• a business with one shop/office

The term for money invested in a business is

• finance
• capital
• investment
• shares