Ownership Structures

Ownership Structures

11th Grade

23 Qs

quiz-placeholder

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Ownership Structures

Ownership Structures

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Hannah Maughan

Used 3+ times

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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key advantage of a sole trader business structure?

It is a separate legal entity.

The owner is not responsible for the debts.

It is simple to establish and easy to operate.

It requires complex legal regulations.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one disadvantage of a sole trader business?

The owner receives all profits.

The business has unlimited liability.

Start-up costs are high.

It is difficult to change the business structure.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

High start-up costs.

Complex government regulations.

Simplest form of ownership.

Tax is on the business, not the owner.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the minimum number of partners required to form a partnership?

1

2

5

10

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document is advisable to establish before entering a partnership?

Business license

Partnership agreement

Employment contract

Tax return

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does TFN stand for in the context of a partnership?

Tax File Number

Trade Finance Network

Total Financial Net

Tax Funding Notice

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one advantage of a partnership?

High start-up costs

Minimal legal and government regulations

Sole responsibility for management

High tax on business income

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