Y10 Chp 3 Types of busines QUIZs organisations

Which of the following is a type of business organisation in the private sector?

• Sole traders

• Partnerships

• Private limited companies

• Public limited companies

• All of the above

Fill in the blank: A sole trader is a business owned and controlled by ________.

• one person

• a partnership

• a corporation

• the government

Which of the following is NOT a legal requirement for a sole trader?

• Registering with the government tax office

• Sending annual accounts to the government tax office

• Registering the business name in all countries

• Observing industry-specific laws such as health and safety

A sole trader can employ other people, but there is only one person who owns the business.

• True

• False

Fill in the blank: In some countries, the name of the business must be registered with the _________

• Registrar of Business Names

• Ministry of Finance

• Department of Trade

• Chamber of Commerce

What is one advantage of a sole trader?

• Unlimited liability

• Complete control over decisions

• Difficult to start

• Limited secrecy in business matters

What is one disadvantage of a sole trader?

• High incentive to work hard

• Complete secrecy in business matters

• Unlimited liability

• Close contact with customers

Which of the following is NOT an advantage of a sole trader?

• Can be started at low cost

• Complete independence

• Unlimited liability

• Secrecy in business matters

Which of the following is a reason why business growth may be limited for a sole trader?

• High incentive to work hard

• Difficult to obtain required capital for expansion

• Complete control over decisions

• Close contact with customers

Which of the following is usually included in a partnership agreement?

• The amount of capital invested by each partner

• The number of customers

• The type of products sold

• The location of the business