Business Organization Quiz

What is a sole trader?

• A business owned by shareholders

• A business owned by two or more people

• A business owned by the government

• A business owned by one person

What is unlimited liability?

• Business continues to exist when the owner dies

• Business can sue and be sued in its own name

• Owners are personally liable for all business debts

• Owners are not personally liable for business debts

What is a partnership?

• A business owned by one person

• A business owned by between 2 and 20 people

• A business owned by the government

• A business owned by shareholders

What is a deed of partnership?

• A document outlining the rules for running a company

• A document outlining the objectives of a company

• A written agreement containing the rules for running a partnership

• A certificate issued by the Companies Registration Office

What is limited liability?

• Business can sue and be sued in its own name

• Owners are not personally liable for business debts beyond their investment

• Owners are personally liable for all business debts

• Business ceases to exist on the death of the owner

What is a private limited company?

• A company formed between one and ninety-nine people

• A company with unlimited liability

• A company with shares quoted on the stock exchange

• A company owned by the government

What is a co-operative?

• A business owned and controlled by its members

• A business owned by shareholders

• A business owned by the government

• A business owned by a single individual

What is a state-owned company?

• A company owned by a single individual

• A company owned by private individuals

• A company owned by shareholders

• A company owned by the government

What is a public limited company?

• A company with unlimited liability

• A company with shares that can be bought and sold by the public

• A company owned by a single individual

• A company owned by the government

What is a strategic alliance?

• A takeover of one company by another

• An agreement between businesses to cooperate on a project

• A merger between two companies

• A business owned by a single individual