Business Types, Governance & Funding

Business Types, Governance & Funding

12th Grade

•

36 Qs

quiz-placeholder

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Business Types, Governance & Funding

Business Types, Governance & Funding

Assessment

Quiz

•

Financial Education

•

12th Grade

•

Practice Problem

•

Hard

Created by

Badar Jaleel

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36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common feature of organisations regardless of their type, size, or sector in which they operate?

Individuals working independently without cooperation

Goal congruence achieved when individuals in an organisation have different goals

Defined roles for everyone within an organisation

Lack of responsibility division among individuals

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key consideration when deciding to set up a business organisation type?

The colour scheme of the business logo

The type of office furniture to be used

The liability for debts the organisation or limited type will have

The brand name of the products sold

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of sole trader businesses?

They have limited liability for their debts

They must share profits with partners

They retain all the profits made but have unlimited liability for debts

They cannot reinvest the profits

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must sole traders do if their taxable turnover exceeds the registration threshold?

Apply for a business loan

Register for VAT

Share profits with employees

Form a partnership

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens in a partnership if there is no formal agreement and the Partnership Act 1890 does not apply?

The rules of the Partnership Act apply by default

The partnership is immediately dissolved

The partners must operate as a sole trader

The partnership is governed by the Companies Act

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary difference between a sole trader business and a partnership in terms of liability?

Partnerships have limited liability while sole traders have unlimited liability.

Partnerships and sole traders both have limited liability.

Partnerships have unlimited liability while sole traders have limited liability.

Partnerships have unlimited liability, but it is jointly and severally liable among the partners.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is considered an exception to the 'jointly and severally' aspect of a partnership?

Sharing the same business name

Distribution of tangible assets

Tax due on profits

Registration for VAT

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