Partnership

What is a partnership? Fill in the blank: A partnership is _________.

• 2 or more people working together.

• a single person running a business.

• a government-owned company.

• a type of loan agreement.

In a partnership, do the partners gain or lose equal amounts of money?

• True

• False

Which of the following is an example of a partnership?

• A veterinary practice run by 2 vets

• A grocery store run by 1 person

• A school with many teachers

• A single dog groomer working alone

Fill in the blank: A grooming salon run by 2 dog groomers is an example of a _________

• partnership

• corporation

• sole proprietorship

• franchise

What is a sole trader?

• A business owned by two or more people

• One person only - responsible for all costs, all gains and losses

• A company owned by shareholders

• A non-profit organization

Which of the following is an example of a sole trader?

• Dog walker

• Large corporation

• Government agency

• Partnership

Fill in the blank: A dog groomer is an example of a _________

• sole trader

• partnership

• franchise

• public limited company

Fill in the blank: In a limited company, lots of ______ can invest in the company.

• people

• animals

• machines

• buildings

Fill in the blank: In a limited company, you can only lose the ______ that you put in.

• money

• shares

• time

• property

What is a franchise? Fill in the blank: A franchise is when someone buys the branding and advertising and runs the business themselves, giving a percentage of the money back to the ________ owner.

• original

• local

• temporary

• external