POA TEST  Gr 10 - Intro to Accounting  (FOB, tech, concepts)

POA TEST Gr 10 - Intro to Accounting (FOB, tech, concepts)

9th - 11th Grade

40 Qs

quiz-placeholder

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POA TEST  Gr 10 - Intro to Accounting  (FOB, tech, concepts)

POA TEST Gr 10 - Intro to Accounting (FOB, tech, concepts)

Assessment

Quiz

Other

9th - 11th Grade

Medium

Created by

Anya-Kaye Thompson

Used 7+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A business run by 2-20 people and has unlimited liability is known as a:

Company

Sole trader

Partnership

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

The two forms of business ownership with unlimited liability are:

Sole trader

Public company

Partnership

Private company

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Advantages of a sole trader are:

Limited liability

The owner makes all the decisions

The owner takes all the profit

Can raise substantial capital

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Advantages of a partnership are:

The partners split the profit

Unlimited liability

Raise more capital than a sole trader

Share the workload

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of business is subject to many more laws and are more difficult to form.
Proprietorship
Partnership
Corporation
Franchise

6.

MULTIPLE CHOICE QUESTION

45 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

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?

Profit is shared

Financial accounts are kept private

Limited liability

Unlimited liability

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