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Revision - Lesson 4th

Total questions: 35

Worksheet time: 23mins

Name
Class
Date
1.
The best definition of a sole trader is a business that
a)
only employs one person
b)
is owned by one person
c)
has a single customer
d)
is a single firm in the industry
2.
One disadvantage of a sole trader business is that
a)
capital is limited to the owner's savings and bank loans
b)
decisions take too long to make
c)
owners may disagree 
3.
One of the advantages of a partnership is that
a)
all partners have limited liability
b)
shares can be sold on the Stock Exchange
c)
the business can survive the death of the partners
d)
the business has access to more capital than a sole trader
4.

Which type of business organisation is the most popular and suitable for Small business.

a)

a) Joint Hindu Family

b)

b) Sole Proprietorship

c)

c) Partnership

d)

d) Cooperative society

5.

Which form of organisation is suitable if direct control over operations & absolute decision making power is required in business?

a)

a) Joint Stock Co.

b)

b) cooperative society

c)

c) Sole proprietorship

d)

d) HUF

6.
One of the advantages of a sole trader business is that
a)
owners have limited liability
b)
shares can be sold to raise capital
c)
decisions and responsibilities can be shared
d)
the owner has complete control over decision making
7.
Which of the following is not a feature of a private limited company?
a)
Shares can be issued to raise capital
b)
Shares can be bought  and sold on the Stock Exchange
c)
All owners of the business have limited liability
d)
The business continues after the death of a shareholder
8.

Meaning of Unlimited liability is

a)

unlimited resources may be use

b)

Unlimited payment is to be done

c)

Personal property of proprietor will be use to pay business debt

d)

unlimited time for business

9.
Which of the following is the definition for Corporation?
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
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
d)
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
10.
Which of the following is the definition for Partnership?
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
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
d)
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
11.
Which of the following is an advantage of a partnership? 
a)
they are hard to start
b)
management is hard between two or more people
c)
 partnerships can usually attract financial capital more easily than proprietorships.
d)
They are inefficient. 
12.
Which of the following is a disadvantage of a partnership? 
a)
 If one partner causes the firm to suffer a huge loss, each partner is fully and personally responsible for the loss.
b)
When a partner dies or leaves, the partnership must be dissolved and reorganized as a new partnership if the remaining partners want to stay in business.
c)
the potential for conflict between partners. 
d)
all the options are disadvantages
13.
Partners who are only responsible up to the extent of their investment
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
special partnership
14.
Which of the following is a disadvantage of corporations:
a)
High taxes
b)
Unlimited life
c)
Unlimited liability
d)
financial power
15.
Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
a)
Consumer – a person who uses or consumes goods
b)
 Partnership –  partner in the lemonade stand
c)
Entrepreneur-  - person who takes a risk to start a new company
16.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
17.

A_____ is a legal business entity created under state law that is owned and operated for purpose of benefiting its members who use its services.

a)

corporation

b)

cooperative or co-op

c)

sole proprietorship

d)

partnership

18.

Which of the following is a characteristic or principle of a co-op?

a)

returns that members receive on their financial investments into the cooperative are limited

b)

owned and democratically controlled by its members

c)

distributes net margins to its members in proportion to their use of the co-op

d)

all of the above

19.

Private Limited Companies are owned by

a)

Sole Traders

b)

Partners

c)

Shareholders

d)

The Government

20.

Sole Traders, Partnerships and Private Limited Companies are in which sector of the Economy?

a)

Private Sector

b)

Public Sector

c)

Third Sector

21.

How many People can be in a Partnership?

a)

Unlimited

b)

2 only

c)

Between 2 & 20

d)

Between 2 & 10

22.

Which 2 of these types of organisations must share their profits?

a)

Sole Trader

b)

Private Limited Company

c)

Partnership

23.

The public sector is owned and controlled by the Government?

a)

True

b)

False

24.

What is the simple difference between a public and private limited company?

a)

A public limited company is public and a private limited company is private.

b)

There are no differences.

c)

The public limited company can quote shares in a stock exchange while a private limited company cannot.

d)

One does not deal with shares while the other does.

25.

The government plans how to use resources to make goods and services.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

26.

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

27.

People use the resources they have to make only what they need to survive.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

28.

Both supply and demand and the government influence how resources are used to make goods and services.

a)

Market Economy

b)

Traditional Economy

c)

Command Economy

d)

Mixed Economy

29.
Most countries in the world have a ___________________ economy.
a)
Traditional
b)
Command
c)
Mixed
d)
Market
30.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
31.

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

a)

Command

b)

Socialism

c)

Market

d)

Traditional

32.

Which of the following best explains a mixed economy?

a)

Private ownership of the factors of production and regulation of businesses by government

b)

Market exchanges answer all three of the big economic questions

c)

Family customs and traditions determine what and how to produce a good

d)

Government answers all three of the big economic questions

33.

_____________ are a positive incentive for entrepreneurs to start a business despite the risks.

a)

Pride

b)

Wealth

c)

Profits

d)

Being an employer

34.

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

a)

Mixed

b)

Market

c)

Traditional

d)

Command

35.

An economic system answers three questions about goods and services. Which of the following option is NOT one of these questions?

a)

What to produce?

b)

Who receives the products?

c)

How to produce?

d)

Where to produce?

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