WorksheetsN5 Business - Sole Trader
Total questions: 10
Worksheet time: 5mins
What are the 3 sectors of economy?
Private sector
First sector
Public sector
Third sector
Which types of businesses are included within the private sector?
Charities, Social Enterprises, Youth Clubs, Local Authorities
Partnership, Police, Schools, Charities
Sole trader, Partnership, LTD, PLC
Sole trader, LTD, PLC, Voluntary
A sole trader is...
A business with one employee
A business selling one product
A business with one owner
A business with one shop
What does 'unlimited liability' mean?
If the business fails, you will not lose personal possessions
If the business fails, you will lose personal possessions
A sole trader has responsibility for...
Preparing the accounts for the business
Selling the products
All aspects of their business
Completing Spreadsheets
An objective of a sole trader is...
To sell more shares on the stock market
To survive in tough economic times
To increase the dividend given to investors
To maximise the amount of loans they can receive
An advantage of being a sole trader is...
You can take time off whenever you want
You can receive large amounts of finance from loans
You can grow your business really easily
You receive all of the business' profit for yourself
A disadvantage of being a sole trader is...
You must discuss your ideas with other partners in the business
You have unlimited liability
You can't get any help from banks
It takes a long time to make any important decisions
An example of a sole trader business is...
Morrisons
Amazon
Hairdresser
Teacher
How does a sole trader fund their business?
They rely on their partner to invest money
They use their own savings and loans
They always get offered a free grant
They sell shares for their business
