Understanding Sole Traders

Understanding Sole Traders

Professional Development

15 Qs

quiz-placeholder

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Understanding Sole Traders

Understanding Sole Traders

Assessment

Interactive Video

Social Studies

Professional Development

Hard

Created by

James Hannaford

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a sole trader?

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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