Business Types- 8HASS

Determine if the following statement is TRUE or FALSE:

A sole trader business only ever has one employee who is also the owner.

• True

• False

Select the benefits of starting a sole trader.

• The owner has to fulfil more roles

• More flexibility in how it operates

• Fewer business regulations

• Cheaper registration costs

State how many owners are in a partnership.

• Two to five

• Only two

• One or more

• Two or more

Determine if the following statement is TRUE or FALSE:

Business owners in a Franchise arrangement can be limited in their actions (what, how and and where to sell the goods and services).

• True

• False

Which business type allows one business owner to make all of decisions for the business?

• Sole Trader

• Partnership

• Franchise

McDonalds an example of which business type?

• Sole Trader

• Partnership

• Franchise

In a partnership business the two or more people that own the business share what? (Choose all that apply)

• Profits

• Decision making abilities

• Liabilities (money you need to pay back)

• A house and family

If you own a Taco Bell Franchise can you choose to change the colour of your logo from purple to a different colour?

• Yes- you can do whatever you want

• No- you have limited autonomy and can't change the logo

• Maybe- it depends on how much money you have.

In which business type would you be provided with training and assistance for when you are first setting up your business?

• Sole Trader

• Partnership

• Franchise

Savon wants to open a new coffee shop. She can either set up a new franchise Coffee Club or can open her own new business as a sole trader. Why would Savon want to open a sole trader over a franchise?