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WorksheetsFuture business owners
Total questions: 10
Worksheet time: 5mins
Why is business so important?
A way to get most goods and services; a way of making money
Create job opportunities
both a and b
None of the above
A sole trader:
works for someone else
controls and manages the business as well is liable for all aspects of the business
does not decide anything
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
Which type of legal structure is used when two or more people join together to start a business and have unlimited liability?
Sole trader
Ltd
Partnership
Pty Ltd
Which of the following is a drawback for an sole proprietor setting up a business as a sole trader?
Limited liability
Unlimited liability
Financial accounts are kept private
Profit is shared
Which of the following is a disadvantage of setting up a business as a partnership?
more ideas generated
Shared workload
Shared losses
Shared profits
Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?
Pty Ltd
Sole trader
Partnership
Ltd
This type of organisation is a legal entity separate from its owners.
Proprietary Limited and Limited company
Franchise
Partnership
Sole proprietorship
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
Proprietary Limited company
Sole Proprietorship
Franchise
Partnership
Law firms and doctor's offices are examples of.....
Franchises
Partnerships
Sole Proprietorship
Companies
