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WorksheetsTypes of Business Organisations
Total questions: 17
Worksheet time: 9mins
Sole trader businesses are owned and managed by..
2-20 people
Multiple owners
1 person
Partners
Which of the following businesses is likely to have the most amount of capital
Partnership
Sole Trader
Public limited
Number of partners in a partnership business are.....
Unlimited
200 maximum
2 to infinite
2-20 partners
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Partnership
Sole Proprietorship
Franchise
Private limited company
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Franchise
Partnership
Private Limited Company
Which of the following is the definition for sole proprietorship
business investment that involves renting or leasing another successful business model
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm;
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
Which of the following is the definition for Franchise
business investment that involves renting or leasing another successful business model
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
Which of the following is an advantage of a partnership?
Which of the following is an advantage of a partnership?
partnerships can usually attract financial capital more easily than proprietorships.
management is hard between two or more people
They are inefficient.
This type of business is owned by many people called shareholders.
Sole Proprietorship
Partnership
Limited Companies
Franchise
This type of business is a contractual agreement with a parent company to sell its products/services in another area.
Sole Proprietorship
Partnership
Corporation
Franchise
Nike, Google and Apple are examples of.....
Sole Proprietorships
Partnerships
Limited Companies
Franchises
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
Sole Proprietorship
Partnership
Limited Companies
Franchise
A partnership has ______________ personal liability
unlimited
limited
