What is a sole trader?

Understanding Sole Traders

Interactive Video
•
Social Studies
•
Professional Development
•
Hard

James Hannaford
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business owned by multiple partners
A non-profit organization
A business owned by a single individual
A corporation with limited liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of being a sole trader?
Complex tax procedures
Shared profits with shareholders
Need to publish accounts
Full control over business decisions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a sole trader prefer not to publish accounts?
To keep financial information private from competitors
To avoid paying taxes
To comply with government regulations
To attract more investors
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a major disadvantage of being a sole trader?
Shared decision-making
Limited liability
Unlimited liability
Easy access to finance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does unlimited liability affect a sole trader?
It protects personal assets from business debts
It puts personal assets at risk if the business fails
It allows for easy business expansion
It requires the business to issue shares
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What challenge might a sole trader face when trying to expand?
Excessive government support
Inability to issue shares
Abundance of financial resources
Too many skilled employees
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might a sole trader find it difficult to take a holiday?
They have too much free time
They have unlimited liability
The business relies solely on them
They have too many employees
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