SOLE TRADER(NATURE OF BUSINESS)
Authored by Miss Isha Armour
Business
11th Grade
Used 4+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
What is a Sole Trader?
(a) Business owned by president
(b) Business owned by several companies
(c) business owned by one person
(d)business owned by a company
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the advantages of a sole trader?
A) Low start-up costs, flexibility, and greater control
costs, inflexibility, and less control
(b) high start-up costs, flexibility and greater control
(c) low start up costs, inflexibility and less control
(d) high start up
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the disadvantages of a sole trader?
A) Unlimited liability, difficulty in getting funding, and lack of continuity
B) Limited liability, difficulty in getting funding, and lack of continuity
C) Unlimited liability, ease in getting funding, and lack of continuity
(D) Limited liability, ease in getting funding, and lack of continuity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the legal structure of a sole trader?
A) Limited Company
B) Partnership
B) Partnership
C) Sole Proprietorship
D) Corporation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of a sole trader?
A. The sole trader is the only owner of the business
A. The sole trader is the only owner of the business
B. The sole trader has limited liability
C. The sole trader has multiple partners
D. The sole trader has access to a large amount of capital
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