Year 7 Exam Revision Quiz

What is net profit?

• gross profit - expenses

• gross profit + loss

• gross profit / cost

• gross profit X revenue

1. Which of the following is owned by one person?

• sole propreitorship
• partnership
• public limited liability company
• private limited liability company

2. How many partners can form a partnership?

• 2 -10
• 2 -20
• 5 - 50
• 7 - 50

3. Who is a partner that invests money and partakes in the running of a partnership?

• active partner
• passive partner
• estoppel partner
• quasi partner

4. What is another name for a sleeping partner?

• doorman partner
• dormant partner
• deed partner
• drowsy partner

5. Which of the following focuses on providing loans to members?

• consumers society
• loan society
• credit and thrift society
• credit and profit society

6. Which of the following can have an infinite number of owners or investors?

• sole proprietorship
• partnership
• private limited liability company
• public limited liability company

7. Which of the following is not aimed at making a profit?

• public limited company
• public corporation
• private corporation
• public unlimited liability company

8. What does PLC stand for?

• private limited company
• private liability company
• public limited company
• public limited commission

9. What is the equivalent of Inc?

• PTC
• PLC
• Ltd
• PLD