202 2.1

Which of the following describes a sole trader?

• share a brand and central management, and usually have standardised business methods and practices for daily running

• two or more individuals who share management, profits and losses

• a company whose owners are legally responsible for its debts only to the amount of money they invested.

• one owner of a business, entitled to keep all profits after tax has been paid but liable for all losses too.

What is the minimum amount of people that can be in a partnership?

• 1

• 2

• 4

• 6

Out of each of the following organisations which type of business ensures the owners are legally responsible for all debts but only to the amount in which they invested?

• Sole Trader

• Parternship

• Limited Company

• Chain

Which of the following describes a Chain?

• share a brand and central management, and usually have standardised business methods and practices for daily running

• two or more individuals who share management, profits and losses

• one owner of a business, entitled to keep all profits after tax has been paid but liable for all losses too

• a business (franchisee) that legally uses someone else’s (franchisor’s) expertise, ideas and processes.

Which of the following describes a partnership?

• a company whose owners are legally responsible for its debts only to the amount of money they invested.

• share a brand and central management, and usually have standardised business methods and practices for daily running

• one owner of a business, entitled to keep all profits after tax has been paid but liable for all losses too

• two or more individuals who share management, profits and losses

What is a business that has an owner liable for all profit and losses known as?

• A sole trader.

• A limited company.

• A partnership.

• A chain.

Wearing company overalls is covered under which policy at work?

• Attendance

• Dress code.

• Professional standards.

• Use of social media.

In which situation will the complaints policy apply?

• A person is avoiding tasks at work.

• A person is not attending work.

• A person is injured at work.

• A person is unhappy at work.

Which of the following describes a Franchise?

• a business that legally uses someone else’s expertise, ideas and processes.

• share a brand and central management, and usually have standardised business methods and practices for daily running

• two or more individuals who share management, profits and losses

• a company whose owners are legally responsible for its debts only to the amount of money they invested.

A staff member posted a offensive statement on their facebook account, which company policy will cover this?

• Health & Safety

• Attendance

• Professional Standards

• Social Media Policy