L2 AAT Business entities recap
Authored by Victoria Brett
Professional Development
Professional Development
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Fred and Freda run a small business making clothes, they each put £2,000 into the business. They share decisions, profits and debts. What type of business is it?
Sole trader
Private limited company
Charity
Partnership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A limited company needs to prepare financial statements in accordance with the Financial Reporting Standards?
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Owners of a limited company take their profits out in the form of drawings
TRUE
FALSE
4.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
A further education college is a (a) type of organisation?
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Monitoring the training needs of employees is the function of ...
The marketing department
Human Resources department
Operations department
Finance department
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The 'separate entity' concept means that all transactions (business and personal) of a sole trader are included in the financial statements
TRUE
FALSE
7.
FILL IN THE BLANKS QUESTION
30 sec • 1 pt
Identify TWO advantages of a business operating as a partnership
(a)
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