Revision Business and IT quiz for T level

What is a form of business ownership in which 2 or more people jointly own a business?

• Sole Proprietorship

• Company

• Partnerships

Which of the following is an advantage of a partnership?

• Unlimited liability

• Arguments

• Shared responsibility

Advantage of this business is that owner keeps all the profit and is his own boss

• Partnership

• Sole proprietorship

• Corporation

• Franchise

A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...

• Profit

• Revenue

• Liability

• Lateral Alignment

"A company's financial debt or obligations that arise during the course of its operation..." 
This definition best describes...

• Profit
• Revenue
• Liability
• Lateral Alignment

If the owner of a sole proprietorship retires or dies, the owner's heirs may take over the business and either sell it or continue to operate it.

• True

• False

Corporations account for about 17 percent of all sales revenues.

• True

• False

Which can be considered disadvantages of sole proprietorships and partnerships?

• Partnerships require many people to write a charter, while sole proprietorships require one person to write a charter

• Sole proprietorships require one person to know complicated tax laws, while partnerships can have many people who know the rules.

• Partnerships require one person to do many things, while sole proprietorships have other people to weigh in on decisions

• Sole proprietorships require one person to do many things, while partnerships have other people to weigh in on decisions.

What protection does a limited liability offer?

• Protects the company but also allows personal assets to be attached

• Protects you from being personally responsible for business debts or legal judgements against the company

• Provides the same protection as a Corporation

• Protection as long as the business is a partnership

What is the main goal of financial management?

• To minimise losses

• To maximise profits

• To ensure the sustainability of the business

• To create a budget