Types of organisation

According to the passage, some companies may specialise in large contracts while others might prefer ________ contracts.

• small

• international

• temporary

• government

Fill in the blank: The three types of business ownership are Sole trader, Partnership, and _____.

• Limited company

• Franchise

• Corporation

• Non-profit

According to the passage, who owns and manages a sole trader business?

• One person

• Two people

• A group of shareholders

• A government agency

Which of the following is NOT a responsibility of a sole trader?

• Quoting jobs

• Filling in the paperwork

• Organising materials

• Hiring a board of directors

Which of the following are tasks that a sole trader is responsible for?

• Managing finances, marketing products, and making business decisions

• Hiring a board of directors, issuing shares, and holding annual general meetings

• Setting government policies, regulating industries, and collecting taxes

• Approving national budgets, passing laws, and running public schools

A sole trader is able to keep the profits and make their own decisions.

• True

• False

Fill in the blank: A sole trader has ______ responsibility for the business.

• sole

• shared

• limited

• joint

Which of the following is a benefit of partnerships in the construction trade?

• Only one trade can work together

• Different trades can work together and build the company up

• Partnerships limit expertise

• Profits cannot be shared

Fill in the blank: Two or more of the same trade can create a strong _______ relationship.

• working

• competitive

• hostile

• temporary

Partnerships broaden expertise and share responsibility.

• True

• False