Types of Business Ownership Quiz

Which type of business ownership is owned and run by one individual, with no legal distinction between the owner and the business?

• Partnership

• Sole Trader

• Limited Company

• Franchise

In a general partnership, how are profits and losses typically shared?

• Equally among partners unless agreed otherwise

• Only the managing partner receives profits

• Profits go to the government

• Only silent partners receive profits

Which type of company has shareholders whose liability is limited to the amount unpaid on their shares?

• Sole Trader

• Limited Company

• Co-operative

• Franchise

What is the main advantage of a sole trader?

• Shared decision-making

• Simple to set up and run

• Limited liability

• Ability to sell shares

Which type of partnership allows some partners to have limited liability?

• General Partnership

• Limited Partnership

• Sole Trader

• Franchise

What is a key feature of a co-operative business?

• Owned by shareholders

• Owned and run by its members

• Owned by a single individual

• Owned by the government

Which of the following is NOT a type of partnership?

• General Partnership

• Limited Partnership

• Limited Liability Partnership

• Sole Trader

What is the main purpose of a social enterprise?

• Maximising profit for shareholders

• Achieving social or environmental goals

• Avoiding taxes

• Selling franchises

Which business ownership type is most likely to have a board of directors?

• Sole Trader

• Limited Company

• General Partnership

• Franchise

In a franchise, who provides the business model and brand?

• Franchisee

• Franchisor

• Shareholder

• Partner