S1 Types of Business

A sole trader is owned by...

• 2 people

• 1 person

• a group of friends

• family members

An advantage of a partnership is that....

• The workload can be shared

• There can be disagreements

• Profits need to be shared between the partners

A disadvantage of being a sole trader is that ( more than 1 answer)....

• If the owner becomes unwell the business stops operating

• Its easy and quick to set up

• The owner has no one to share the responsibility with

What are Santa's helpers called?

• elves
• trolls
• goblins

An example of a sole trader is......

• A mobile hairdresser who visits her clients homes

• McDonalds

• Asda

• Dentists

Where does Santa live?

• in the North Pole
• in Finland
• in the South Pole

Andy and his friend Paul set up a car valeting company using their savings, what kind of business is this?

• Sole Trader

• Partnership

In which of the following would one person be responsible for all of the risks but also receive all of the profits?

• Sole Trader

• Partnership

What were Frosty's last words? 

• "I'm a happy snowman!"
• "I'll be back again someday!"
• "I'll be back on Christmas day!"
• "Thank you"

In a partnership the partners invest their own money/saving as the main source of finance.

• True

• False