Sole Traders

Sole Traders

7th - 10th Grade

21 Qs

quiz-placeholder

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Sole Traders

Sole Traders

Assessment

Quiz

Business

7th - 10th Grade

Practice Problem

Easy

Created by

Laura Vaughan

Used 15+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business has only one owner?

Sole Trader
Partnership

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The MAIN disadvantage of being a sole trader or partnership is...

Not having the initial investment from shareholders
Unlimited liability
Disagreements between the owners
Having to work long hours

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False:  Sole traders are not allowed any employees- they are on their own in running the business

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many people own a sole trader business?

3
2
1
20

5.

MULTIPLE CHOICE QUESTION

30 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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is unlimited liability?

If the business fails you will not lose personal possessions
If the business fails you will lose personal possessions

7.

MULTIPLE CHOICE QUESTION

30 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

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