
Understanding Sole Trader
Quiz
•
Business
•
9th Grade
•
Practice Problem
•
Medium
Anselm Antoine
Used 2+ times
FREE Resource
Enhance your content in a minute
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean to be insolvent?
To be financially secure.
To have a surplus of assets.
To be unable to pay debts when they are due.
To have a high credit score.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of liquidating a business?
Continuing operations while increasing inventory and hiring more staff.
Filing for bankruptcy and closing the business without selling assets.
Transferring ownership to a family member without any legal process.
Includes selling assets, paying debts, and dissolving the business legally.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define limited liability in the context of business.
Allows business owners to take personal loans for business expenses.
Requires owners to pay all company debts personally.
Means that owners can lose their entire investment in the business.
Means that business owners are not personally responsible for the company's debts beyond their investment in the business.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is unlimited liability and who does it apply to?
Only affects non-profit organizations.
Applies to corporations and LLCs.
A feature of limited partnerships.
Applies to sole proprietorships and general partnerships.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a sole trader?
A government-owned business entity.
An individual who owns and operates a business independently.
A partnership of multiple individuals.
A type of corporation with shareholders.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
List one characteristic of a sole trader.
Corporate tax benefits
Partnership structure
Unlimited liability
Limited liability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the risks associated with being a sole trader?
Personal liability for debts, limited access to funding, and potential difficulty in managing all business aspects alone.
Complete control over all business decisions without any challenges
Guaranteed profit from the start
Unlimited access to government grants
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
10 questions
Forms of retail businesses
Quiz
•
9th - 11th Grade
10 questions
Rich Dad Poor Dad For Teens: Part 3
Quiz
•
6th - 12th Grade
10 questions
You've Got Personality LAP Quiz
Quiz
•
9th - 12th Grade
10 questions
GCSE Stakeholders - Y9B
Quiz
•
9th Grade
11 questions
Checking Terms Review
Quiz
•
9th - 12th Grade
10 questions
Winter Marketing Fundamentals
Quiz
•
9th - 12th Grade
6 questions
POBF 6.00 Quiz
Quiz
•
9th - 11th Grade
10 questions
Basic Accounting Principles (icev)
Quiz
•
9th - 12th Grade
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
54 questions
Analyzing Line Graphs & Tables
Quiz
•
4th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
