R064 Ownership LO5

How many people can be in a partnership?

• 2
• 2-10
• 2-20
• Unlimited

If you have full responsibility for your business debts this is known as ...

• Unlimited Liability

• Limited Liability

• Personal Liability

A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.

• franchise

• partnership

• sold prprietorship

• corporation

What is a partnership?

• A business owned by shareholders
• One person trading alone
  
• Two or more individuals trading together

A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)

• partnership
• sole proprietorship
• corporation

Although this type of business can be formed through a verbal agreement between two or more individuals, it is better to have a written agreement

• Proprietorship
• Partnership
• Corporation
• Franchise

Owned by one individual.

• Sole Trader
• Partnership
• Corporation
• None of the above

What is the main advantage of being a sole trader?

• Unlimited liability
• Limited liability
  
• Be able to make quick decisions

What is a franchise?

• When a person buys from a business
• When a person buys the rights to a business
• When a person owns a new business
• When a person sues a business

Which of the following Ownerships have unlimited liability

• Sole Trader, Partnership
• Public Limited Company, Sole Trader
• Private Limited Company, Partnership 
• Private Limited and Public Limited Companies