ACC-W3-CCCU

What is the main difference between a sole trader and an LLC?

• Access to resources

• Liability

• Ownership structure

• Revenue generation

What is the level of personal liability in a sole trader setup?

• Limited liability

• No liability

• Unlimited liability

• Shared liability

Which business structure allows easier access to investors and capital?

• Sole trader

• Partnership

• Limited liability company (LLC)

• Corporation

What is the main advantage of an LLC in terms of liability?

• Limited personal liability

• Unlimited personal liability

• Shared liability

• No liability

Who owns a company?

• Board of Directors

• Management Team

• Shareholders

• Investors

What is the board of directors' role in a company?

• Oversee daily operations

• Make strategic decisions

• Handle financial management

• Manage compliance

Who is usually responsible for key decisions in a company?

• CEO

• CFO

• COO

• CTO

How do companies earn money?

• Issuing shares

• Borrowing money

• Selling products or services

• Receiving grants

What does compliance mean in a company context?

• Managing finances

• Generating revenue

• Following laws and regulations

• Adhering to corporate governance

What is the purpose of corporate governance in a company?

• Setting company goals

• Creating new products and technologies

• Ensuring compliance

• Guiding company operations and decision-making