WorksheetsForms of Business
Total questions: 26
Worksheet time: 13mins
A business with one owner is known as a:
Company
Sole trader
Partnership
A business run by 2-20 people and has unlimited liability is known as a:
Company
Sole trader
Partnership
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
It is the process of running a business in order to make a profit.
ENTREPRENEURSHIP
ENTREPRENEUR
BUSINESSMAN
EMPLOYEE
He/ she founds and runs a small business, assuming all the risks and rewards of the venture.
ENTREPRENEUR
EMPLOYEE
COMPANY
ENTREPRENEURSHIP
This is a form of business ownership where two or more people act as co-owners.
PARTNER
PARTNERSHIP
BUSINESS PARTNER
COMPANY
It is a form of business ownership, where there is one owner who's responsible for the business.
SOLE PROPRIETORSHIP
PROPRIETORSHIP
SOLE PREPRIOTERSHIP
SOAL PROPREITORSHIP
It is a form of business refers to an arrangement where one person/ company grants another person/ company the right to use its trademark/ trade-name.
CORPORATION
COMPANY
FRANCHISER
FRANCHISING
Advantage: Start-up cost are low
Sole Proprietorship
Partnership
Franchising
Entrepreneurship
This refers to a person/ company that is granted a license to do business under the franchisor's trademark and trade name.
FRANCHISOR
PARTNER
SOLE PROPRIETOR
FRANCHISEE
TRUE or FALSE: A franchisor is a person/ company that grants a franchisee a license for the conducting another business branch.
TRUE
FALSE
Advantage: Shared responsibility
Sole Proprietorship
Partnership
Franchising
Entrepreneurship
Disadvantage: Other franchisees could give the
brand a bad reputation
Sole Proprietorship
Partnership
Franchising
Franchisee
Franchising: The franchisor gives you support
Advantage
Disadvantage
Sole Proprietorship: All responsibilities are yours
Advantage
Disadvantage
Two heads are better than one
Advantage: Sole Proprietorship
Disadvantage: Partnership
Advantage: Partnership
Disadvantage: Sole Proprietorship
Which of the following business are examples of SOLE PROPRIETORSHIP? (Choose 2)
Which of the following business are examples of PARTNERSHIP? (Choose 2)
Which of the following business are examples of FRANCHISING? (Choose 2)
