Booster 1A - Listening - Module 13

Which of the following best describes a sole trader?

• A business owned and operated by one person

• A business owned by two or more partners

• A business owned by shareholders

• A business that is funded by the government

What is the main disadvantage of a sole trader?

• Limited liability

• Easy to set up

• Full control over decisions

• Unlimited liability

Which type of business structure allows owners to have limited liability?

• Sole trader

• Partnership

• Limited Liability Company

• Informal business

What does the term 'personal finance' refer to?

• The financial management of a company

• The financial management of an individual

• The tax system of a country

• The stock market

Which of the following is an example of business finance?

• Buying groceries for personal use

• Investing in stocks as an individual

• A company borrowing money to expand its business

• Paying rent for a personal apartment

Which of the following is an example of a tax?

• Loan repayment

• Income tax

• Business revenue

• Personal savings

What does a person receive when they buy shares in a company?

• Ownership in the company

• A fixed salary

• A loan from the company

• A tax exemption

A partnership is a type of business owned by one person.

• True

• False

Limited liability means business owners are only responsible for debts up to their investment in the company.

• True

• False

Paying debt means borrowing money from the bank.

• True

• False