me12345678

me12345678

3rd Grade

9 Qs

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Assessment

Quiz

Business

3rd Grade

Hard

Created by

McKenzie wright W

Used 1+ times

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

what is that

grass

me

matthew

?????????????

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which type of legal structure is used when two or more people join together to start a business and have unlimited liability?

Sole trader

Partnership

LTD

PLC

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following best describes the term limited liability? If the business fails:

Personal possessions of the owner can be taken to pay any debts

The owner is personally liable for all the debts of the business

There is no limit on the amount the owner has to pay to settle debts

The owner only loses the amount invested in the business

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?

Profit is shared

Financial accounts are kept private

Limited liability

Unlimited liability

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are the owners of private and public limited companies called?

Stakeholders

Managers

Board of directors

Shareholders

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A private limited company may change into a public limited company because it wants:

Limited liability

To raise additional finance

Unlimited liability

To avoid takeover

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?

Sole trader

Partnership

LTD

PLC

8.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following statements is always true of a public limited company?

Shareholders have day to day control of the company

Liability is limited

The ability to expand is limited

Board of directors own the business

9.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a disadvantage of setting up a business as a partnership?

Shared losses

Shared workload

Shared profit

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