WorksheetsUnit Two Review
Total questions: 20
Worksheet time: 17mins
Which one of the following is the purpose of a sole proprietor?
an association of two or more people as partners.
an individual or company that holds a franchise for the sale of goods or the operation of a service.
a person who is the exclusive owner of a business, who is also entitled to keep profit.
an owner of shares in a company.
Which of the following is an advantage of a partnership?
Unlimited Liability
Arguments
Multiple ideas get shared
Less investors
Which of the following is a disadvantage of being a sole proprietor?
A heavy workload creates stress and pressure and you have full liability
A second opinion on important decisions is always available
Arguments and disagreements can harm the progress of the business
The owner gets a smaller share of the profits
Two Brothers Pizza would most likely show which type of ownership
Partnership
Corporation
Stock and Bonds
Single Ownership
Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?
Sole proprietorship
Partnership
Privately Held Corporation
Corporation
The best definition of a sole proprietor form of business organisation is:
The business only employs one person
The business is owned by one person
The firm has a single customer
Two people working together
Which one of the following is relevant to a Sole Trader...
There are two or more owners.
No registration ( paperwork ) is required.
The business name ends with CC.
Owners are only restricted to 10.
What is the definition of communication?
Talking between two or more people on the same team
Keeping your thoughts to yourself
Thinking things through
Sitting alone working
The owner's financial liability is not limited to investments in the business.
Limited liability
Unlimited Liability
Limited Liability Company
Limited Liability Partnership
Managerial Functions are (select all that apply):
Planning
Organizing
Controlling
Leading
On major advantage of a corporation is:
Always have profits
Limited Liability
minimum failure
All of the above
What is double-taxation?
Being taxed double the income tax of a partnership
Tax on a business plus its shareholders' income
Tax people have to pay for existence of corporations
What happens in a sole proprietorship
The management function of commanding (directing) can be defined as ___________.
ensuring that all groups and persons work efficiently and economically
building the morale of staff so that they can work effectively
delegating authority, arranging and allocating work and resources
using leadership skills to get the best possible performance from subordinates
Qualities of a leader include:
Happiness
Commitment
Inspiring
Lazy
