EMS FORMS OF OWNERSHIP
Authored by K9 Phillips
Life Skills
7th - 8th Grade
Used 31+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business with a minimum of two owners
sole trader
partnership
private company
public company
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited liability means
The personal possessions could be sold to pay debts of the business
limited liability
personal possessions
All the answers are correct
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There is no legal requirements for this type of ownership
Advantage of a sole trader
Characteristic of sole trader
Advantage of a partnership
Disadvantage of sole trader
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There is greater availability of capital as credit as financial institutions are more likely to grant loans
Advantage of sole trader
Disadvantage of a partnership
Advantage of Partnership
Disadvantage of sole trader
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
joint - decision making may produce better results because wider expertise and experience involved
advantage of sole trader
advantage of a partnership
disadvantage of sole trader
disadvantage of partnership
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jointly and individually liable for any debts of the business
advantage partnership
disadvantage of a partnership
advantage of sole trader
Characteristic of partnership
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Differences may arise among partners
characteristics of partnership
characteristics of sole trader
disadvantage of sole trader
disadvantage of partnership
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