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Understanding Business Ownership Types

Authored by Thomas Collins

Business

10th Grade

Used 2+ times

Understanding Business Ownership Types
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary characteristic of a sole trader business?

It is owned by multiple shareholders.

It is owned and operated by one individual.

It is a non-profit organisation.

It is a government-owned entity.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an advantage of being a sole trader?

Limited liability.

Easy to set up and manage.

Access to large amounts of capital.

Shared decision-making.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'limited liability' mean in the context of a limited liability company (LLC)?

Owners are personally responsible for all business debts.

Owners' personal assets are protected from business debts.

The company cannot incur any debts.

The company is exempt from paying taxes.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a type of business ownership?

Sole trader.

Partnership.

Corporation.

All of the above.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a franchise?

A business owned by the government.

A business model where individuals can buy the rights to operate a branch of an established company.

A type of sole proprietorship.

A non-profit organisation.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a disadvantage of a sole trader?

Unlimited liability.

Complex to set up.

High start-up costs.

Limited control over business decisions.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a limited liability company, who is responsible for the company's debts?

The shareholders.

The directors.

The company itself.

The government.

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