201 Lesson 3 Quiz

What should be explored regarding sole traders?

• Advantages and disadvantages

• Marketing strategies

• Investment opportunities

• Employee benefits

What should be assessed regarding self-employment?

• Benefits and drawbacks

• Marketing strategies

• Investment opportunities

• Employee benefits

What are the two business structures mentioned in the document?

• Corporation and Partnership

• Sole trader and Limited company

• Franchise and Cooperative

• Non-profit and Government agency

What is a key difference between a sole trader and a limited company in terms of information security?

• Privacy

• Marketing

• Customer feedback

• Product quality

What is a key difference between a sole trader and a limited company in terms of financial support?

• Funding

• Employee benefits

• Office location

• Product pricing

What is the diagram showing?

• A flowchart of a business process

• A diagram of the water cycle

• A map of a city

• A timeline of historical events

What does being a sole trader allow in terms of business control?

• Shared control

• Complete control

• No control

• Limited control

What is a financial disadvantage of being a limited company?

• Higher costs

• Lower costs

• No costs

• Reduced costs

What is a benefit of being self-employed in the UK construction industry?

• Guaranteed income

• Flexibility in choosing projects

• Fixed working hours

• Company benefits

What is a common characteristic of self-employed individuals in the UK construction industry?

• They work for a single employer

• They manage their own business operations

• They have a fixed salary

• They work in a government office