Weekly Quiz #2

Who is responsible for decision-making in a public limited company?

• Directors

• Government ministers

• Partners

• Shareholders

Which of the following people is most likely to work in the public sector?

• Charity worker

• Film producer

• Footballer

• Police officer

Which of the following is an advantage of operating as a private limited company?

• Business accounts do not need to be sent to Companies House

• Shares can be sold on the stock exchange to raise funds

• The business has a separate legal identity from its owner

• The Health and Safety at Work Act does not apply

Which of the following is most likely to be a government-owned organisation?

• A bank

• A children’s charity

• A fish farm

• A hospital

The legal form of ownership of a business trading as 'Tritian plc' is:

• a not-for-profit organisation

• a partnership

• a private limited company

• a public limited company

A public limited company:

• can sell its shares on the stock exchange

• cannot cease trading

• has unlimited liability

• operates in the public sector

A partnership is owned by three brothers. The partnership goes bankrupt with debts of £30 000. According to the Partnership Act:

• each brother is jointly and severally liable for the full £30 000

• each brother is liable for only £10 000 of the debt

• the brothers do not have to repay the debt from personal funds

• the brothers would only lose the amount they have invested in the business

The legal form of ownership of a business trading as 'Pinton Ltd' is:

• a partnership

• a private limited company

• a public limited company

• a sole trader

Which one of the following documents is a legal requirement for a private limited company?

• Articles of association

• Cash flow statement

• Deed of partnership

• Organisation chart

Which pair of the following forms of business has unlimited liability?

• A community interest company and a partnership

• A partnership and a sole trader

• A private limited company and a community interest company

• A sole trader and a private limited company