
Understanding Sole Trader
Quiz
•
Business
•
9th Grade
•
Practice Problem
•
Medium
Anselm Antoine
Used 2+ times
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9 questions
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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
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