Which of the following is an advantage of being in a partnership?

Ideas and decision making can be shared

The most senior partner has responsibility for running the business

Partners can have responsibility for many different areas of the business

Each partner gets the same share of the profits

What happens if a partner decides to leave the business?

The partnership is dissolved and reformed

The other partners continue in the existing business

The partner who leaves is given compensation

The partnership has to find a new lawyer

Why may an entrepreneur prefer to set up a business as a partnership?

The business would benefit from a greater range of skills and knowledge

The entrepreneur would get to make all the decisions

They entrepreneur would get to keep all the profit

The business would make more money quicker

Gr. 11 - Sole traders and Partnerships

Authored by Dina Moemen

Social Studies

10th - 11th Grade

Used 28+ times

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10 questions

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MULTIPLE CHOICE QUESTION

45 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/office

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A sole trader has responsibility for

preparing the accounts of the business

all aspects of their business

selling the products

completing spreadsheets

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Unlimited liability means

the business is closed down because of too much debt

the owners' personal possessions can be used to cover the firm's debts

the bank will refuse to give loans to the business

the business will struggle to attract investors

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An advantage of being a sole trader is

you can take time off whenever you want

you can grow your business really easily

you can receive large amounts of finance from loans

you receive all the firm's profit for yourself

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A disadvantage of being a sole trader is

a heavy workload creates stress and pressure

a second opinion on important decisions is always available

arguments and disagreements can harm the progress of the business

the owner gets a smaller share of the profits

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A partnership has between 2 and 20

employees

shareholders

owners

customers

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

It is easier to raise finance in a partnership because

the partners have more personal wealth than a sole trader

all the partners will invest a certain amount in the business

the bank will give a partnership lower interest rates for all loans

partnerships are the only type of business that can receive grants

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