L5) Different Types of Business Entity

Which of the following is NOT one of the main topics covered in the lesson on the business environment?

• Types of business

• Limited liability

• Business formation

• Business ethics

What topic related to business structure is covered in the lesson on the business environment?

• Business marketing

• Record keeping for limited companies

• Business outsourcing

• Consumer relations

Which topic focuses on the legal responsibilities of business entities?

• Limited liability

• Types of business

• Not-for-profit organisations

• Business formation

What is a sole trader in the context of business types?

• A type of partnership

• A government agency

• An individual who sets up their own business

• A large corporation

Which of the following can be an example of a sole trader?

• A window cleaner

• A multinational company

• A public school

• A non-profit organization

What is the primary responsibility mentioned for sole traders in the text?

• Hiring multiple employees

• Paying taxes if their earnings are over a certain threshold

• Creating advertisements

• Forming partnerships with other businesses

What is a common practice among sole traders regarding their employment status?

• Sole traders are typically employed by large corporations.

• Sole traders are usually unemployed.

• Sole traders often have another job besides running their own business.

• Sole traders are exclusively self-employed and cannot take other jobs.

Who is responsible for decision-making in a sole trader's business?

• The government

• Employees of the sole trader

• The sole trader themselves

• External investors

How do sole traders typically fund their business?

• Through crowdfunding platforms

• By taking out a loan

• Solely through external investors

• Receiving grants from the government

What do sole traders retain from their business?

• Only a portion of the profits

• All of the business records

• All of any profit they make

• None of the profits