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IGCSE Business 3 ELS

Total questions: 20

Worksheet time: 9mins

Name
Class
Date
1.

Which of the following professions could be run as a sole trader?

a)

Plumber, electrician, mobile hairdresser, ice cream van business

b)

Solicitor, accountant and doctor

2.

Which of the following professions could be run as a partnership?

a)

Plumber, electrician, mobile hairdresser, ice cream van business

b)

Solicitor, accountant and doctor

3.

Which of the following professions could be run as a partnership?

a)

Plumber, electrician, mobile hairdresser, ice cream van business

b)

Solicitor, accountant and doctor

4.

Explain an advantage of being a partnership

a)

As there is more than one owner it is easier to raise capital (money) to start or expand the business

b)

Easiest and cheapest form of business ownership to set up

5.

Explain a disadvantage of being a partnership

a)

Decision making is slower as more people own the business

b)

They can often work long hours and struggle to take holidays and time off when ill, because of the effort required to establish a business.

6.
The term for money invested in a business is
a)
finance
b)
capital
c)
investment
d)
shares
7.
Profit is
a)
the money that the business makes from selling its products
b)
the money that the business receives from the bank
c)
the money that the owners use to start up the business
d)
the money the business makes once all costs are paid
8.
A sole trader has responsibility for
a)
preparing the accounts of the business
b)
all aspects of their business
c)
selling the products
d)
completing spreadsheets
9.
An objective of a sole trader is
a)
to sell more shares on the stock market
b)
to increase the dividend given to investors
c)
to survive in tough economic times
d)
to maximise the amount of loans they can receive
10.
An advantage of being a sole trader is
a)
you can take time off whenever you want
b)
you can grow your business really easily
c)
you can receive large amounts of finance from loans
d)
you receive all the firm's profit for yourself
11.
A disadvantage of being a sole trader is
a)
a heavy workload creates stress and pressure
b)
a second opinion on important decisions is always available
c)
arguments and disagreements can harm the progress of the business
d)
the owner gets a smaller share of the profits
12.
A grant is a source of finance given by
a)
the bank
b)
the local council
c)
the stock exchange
d)
the First Minister
13.
An advantage of a business receiving a grant is
a)
the interest rates are very low
b)
they can apply for several grants every year
c)
it is usually a very large amount
d)
they do not have to pay it back
14.
Reinvested profit is when
a)
some of the profit is kept in the firm rather than being given to the owners
b)
the owners share of the profits is increased
c)
the value of the business increases
d)
the firm can attract more investors because the profits are high
15.
A partnership arrangement is commonly found in
a)
the fire service
b)
dentists' surgeries
c)
local councils
d)
supermarkets
16.
Which of the following is NOT included in a Deed of Partnership?
a)
How the profit is to be split between the partners
b)
The name of the partnership's accountant
c)
The responsibilities of each partner
d)
The date the partnership started up
17.
Which of the following is NOT a reason why a Deed of Partnership is needed?
a)
To prevent arguments and disputes
b)
To ensure each partner knows what they are responsible for
c)
To give to employees of the firm so they know what their job includes
d)
It is a requirement by law
18.
It is easier to raise finance in a partnership because
a)
the partners have more personal wealth than a sole trader
b)
all the partners will invest a certain amount in the business
c)
the bank will give a partnership lower interest rates for all loans
d)
partnerships are the only type of business that can receive grants
19.
What happens if a partner decides to leave the business?
a)
The other partners continue in the existing business
b)
The partnership is dissolved and reformed
c)
The partner who leaves is given compensation
d)
The partnership has to find a new lawyer
20.
A mortgage is a source of finance needed if the firm is buying
a)
equipment
b)
premises
c)
shares
d)
stock

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