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sole traders

Total questions: 37

Worksheet time: 19mins

Name
Class
Date
1.
How many people own a sole trader business?
a)
3
b)
2
c)
1
d)
20
2.
How many people can own a partnership?
a)
1
b)
Between 2 and 40
c)
Between 3 and 30
d)
Between 2 and 20
3.
What is unlimited liability?
a)
If the business fails you will not lose personal possessions
b)
If the business fails you will lose personal possessions
4.
Are Sole Traders large or small businesses?
a)
Large
b)
Small
5.
In a partnership, all profits are shared between the partners.
a)
False
b)
True
6.
A sole trader is
a)
a business with one employee
b)
a business selling one product
c)
a business with one owner
d)
a business with one shop/office
7.
A sole trader has responsibility for
a)
preparing the accounts of the business
b)
all aspects of their business
c)
selling the products
d)
completing spreadsheets
8.
An objective of a sole trader is
a)
to sell more shares on the stock market
b)
to increase the dividend given to investors
c)
to survive in tough economic times
d)
to maximise the amount of loans they can receive
9.
Unlimited liability means
a)
the business is closed down because of too much debt
b)
the owners' personal possessions can be used to cover the firm's debts
c)
the bank will refuse to give loans to the business
d)
the business will struggle to attract investors
10.
An advantage of being a sole trader is
a)
you can take time off whenever you want
b)
you can grow your business really easily
c)
you can receive large amounts of finance from loans
d)
you receive all the firm's profit for yourself
11.
A disadvantage of being a sole trader is
a)
a heavy workload creates stress and pressure
b)
a second opinion on important decisions is always available
c)
arguments and disagreements can harm the progress of the business
d)
the owner gets a smaller share of the profits
12.
A partnership has between 2 and 20
a)
employees
b)
shareholders
c)
owners
d)
customers
13.
Which of the following is NOT included in a Deed of Partnership?
a)
How the profit is to be split between the partners
b)
The name of the partnership's accountant
c)
The responsibilities of each partner
d)
The date the partnership started up
14.
Which of the following is NOT a reason why a Deed of Partnership is needed?
a)
To prevent arguments and disputes
b)
To ensure each partner knows what they are responsible for
c)
To give to employees of the firm so they know what their job includes
d)
It is a requirement by law
15.
It is easier to raise finance in a partnership because
a)
the partners have more personal wealth than a sole trader
b)
all the partners will invest a certain amount in the business
c)
the bank will give a partnership lower interest rates for all loans
d)
partnerships are the only type of business that can receive grants
16.
Which of the following is an advantage of being in a partnership?
a)
Ideas and decision making can be shared
b)
The most senior partner has responsibility for running the business
c)
Partners can have responsibility for many different areas of the business
d)
Each partner gets the same share of the profits
17.
A sole trader and partnership can expand by
a)
renovating their premises
b)
buying more shares in the business
c)
opening another branch
d)
making employees redundant
18.
Which of the following is NOT an impact of partners arguing and disagreeing with each other?
a)
There is a bad working atmosphere in the partnership
b)
Less work is completed in the partnership
c)
Bad decisions are made in the partnership
d)
All partners decide to invest more capital in the business
19.

Which is the simplest form of business organization?

a)

sole proprietorship

b)

partnership

c)

franchise

d)

none of the above

20.

Sole traders can be found in ALL the sectors of the economy.

a)

true

b)

false

21.

Examples of sole traders in the primary sector include

a)

farmers and fishermen

b)

builders and manufacturers

c)

web designers and hairdressers

d)

taxi drivers and gardener

22.

Examples of sole trader businesses in the tertiary sector includes

a)

manufacturers and small builders

b)

farmers and fishermen

c)

miners and footballers

d)

hairdressers and teachers

23.

One disadvantage of sole proprietorship includes

a)

owner keeps all the profit

b)

owner has complete control

c)

no legal requirements to set up

d)

personalized services to customers

e)

owners have unlimited liability

24.

Which of the following does a franchisor NOT offer the franchisee?

a)

a license to trade

b)

a start-up package including help, advice and essential equipment

c)

an exclusive geographical area in which to operate

d)

one-off start-up fee

e)

Marketing support

25.

Which of the following does the franchisee NOT offer to the franchisor?

a)

Training in how to run the business

b)

a one-off start-up fee

c)

on-going fee

d)

contribution to marketing costs

e)

profits from branded materials that are sold

26.
A disadvantage of being a sole trader is
a)
a heavy workload creates stress and pressure
b)
a second opinion on important decisions is always available
c)
arguments and disagreements can harm the progress of the business
d)
the owner gets a smaller share of the profits
27.

An unincorporated business is where

a)

The owner has limited liability

b)

The owner and the business are seperate

c)

The owner and the business are the same

d)

None of the above

28.

The type of business where the owner keeps all the profit is a:

a)

Social enterprise

b)

Partnership

c)

Franchise

d)

Sole trader

29.

The type of business with the most freedom to make your own decisions is a:

a)

Sole trader

b)

Partnership

c)

Franchise

d)

Government organisation

30.

A deed of partnership is:

a)

A document that states what product a business sells

b)

A type of business

c)

A business book

d)

A legal document

31.

A franchisor offers a franchisee:

a)

a license to trade

b)

training to start the business

c)

materials

d)

all of the above

32.

A franchisee must give the franchisor:

a)

Start up fees

b)

Business ideas

c)

Products

d)

Employees

33.

An advantage of a franchise is:

a)

sharing the profit with the franchisor

b)

lack of freedom to follow own ideas

c)

Less risk

d)

making no money

34.

Worker cooperatives are:

a)

where members share the profit

b)

where employees share the profit

c)

where a sole trader earns the profit

d)

where the government earns the profit

35.

Social enterprises are known as:

a)

Non-profit organisations

b)

Organisations that help people

c)

Organisations that can protect the environment

d)

all of the above

36.

There are 4 owners in a business partnership. The business makes a profit of $100. Each owner makes:

a)

$400 profit

b)

$100 profit

c)

$25 profit

d)

$20 profit

37.

An advantage of a franchise is:

a)

You need to pay a start-up fee

b)

People know your brand

c)

People don't know your brand

d)

Your business is restricted in what it can do

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