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WorksheetsBusiness Ownership
Total questions: 20
Worksheet time: 10mins
What is a form of business ownership in which 2 or more people jointly owns a business
Sole Trader
Company
Partnership
Shareholder
What is meant by 'limited liability'?
Your personal possessions can be taken
You only lose the money you put into the business
You get a part of a business
What is the most common form of business ownership?
Corporation
Company
Sole Trader
LLC
Owned by one individual.
Sole Trader
Partnership
Corporation
None of the above
Name one of the reasons people become entrepreneurs.
Feeling insecure
They like to be the ONLY one doing everything
They are doing what they enjoy
None of the above
An entrepreneur can own an online business...
False - entrepreneurs can only create business in person
True - there are companies online as well as in person
The most difficulty type of company to start is a...
Sole Trader
Partnership
Corporation
A private limited company may change into a public limited company because it wants:
Limited liability
To raise additional finance
Unlimited liability
To avoid takeover
This type of ownership offers quick startup, an established business plan, recognizable trademark/brand, and a proven promotional strategy.
Sole Trader
Partnership
Corporation
Franchise
These business owners may have trouble raising capital.
Sole Trader
Partnership
Corporation
Franchise
This type of business ownership is often entered into by people with complementary skills
Sole Trader
Partnership
Corporation
Franchise
A business run by 2-20 people and has unlimited liability is known as a:
Company
Sole trader
Partnership
None of the above
The two forms of business ownership with unlimited liability are:
Sole trader
Public company
Partnership
Private company
Advantages of a sole trader are:
Limited liability
The owner makes all the decisions
The owner takes all the profit
Can raise substantial capital
Advantages of a partnership are:
The partners split the profit
Unlimited liability
Raise more capital than a sole trader
Share the workload
Why may an entrepreneur prefer to set up a business as a partnership?
The entrepreneur would get to make all the decisions
They entrepreneur would get to keep all the profit
The business would benefit from a greater range of skills and knowledge
The business would make more money quicker
Which of the following are types of limited company? (Select 2 answers)
Sole Trader
Private
Public
Partnership
