Types of Private Organisations Quiz

What is a sole proprietorship (sole trader)?

• A type of business owned and operated by a non-profit organization.

• A type of business owned and operated by the government.

• A type of business owned and operated by a single individual.

• A type of business owned and operated by multiple individuals.

Who owns a sole trader?

• A group of shareholders

• The government

• One individual

• A non-profit organization

What are the advantages of a sole trader?

• No control over the business, easy and expensive to start, and all profits go to the competitors.

• Full control over the business, easy and inexpensive to start, and all profits go to the owner.

• Shared control over the business, difficult and inexpensive to start, and all profits go to the government.

• Limited control over the business, difficult and expensive to start, and all profits go to the employees.

What is a partnership?

• A type of business organization where individuals come together to manage a government-owned business

• A type of business organization where two or more individuals or entities come together to manage and operate a business for profit.

• A type of business organization where individuals come together to manage a non-profit organization

• A type of business organization where only one individual manages and operates the business

How many owners are there in a partnership?

• Two or more

• Three

• At least five

• Only one

What are the disadvantages of a partnership?

• Unlimited liability, potential for disagreements, limited access to capital

• Unlimited vacation days, guaranteed profits, easy access to capital

What is a limited liability company (Ltd)?

• A type of business structure that combines pass-through taxation with limited liability

• A type of business structure that requires unlimited liability

• A type of business structure that is not recognized by the government

• A type of business structure that offers tax benefits to employees

What is the main advantage of a limited liability company?

• Limited personal liability for the owners

• Unlimited personal liability for the owners

• Higher taxes for the owners

• Limited access to business resources

What is a public limited liability company (PLC)?

• A type of company that has unlimited liability for its shareholders

• A type of company that offers shares to the public and has limited liability for its shareholders.

• A type of company that is owned and operated by the government

• A type of company that does not offer shares to the public

What is the main difference between a PLC and an LLC?

• Size and location

• Color and design

• Ownership structure and government regulation

• Number of employees and revenue