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WorksheetsTopic 1 Quiz 1 Sole Trader and Partnership
Total questions: 10
Worksheet time: 8mins
Give two advantages of being a Sole Trader
All profits are kept
Lack of continuity – if sick or die!
Financial privacy
Conflict between partners
Give two disadvantages of being a Sole Trader
Unlimited liability
Financial privacy
Better control
Long hours
Give two advantages of trading as a Partnership
Unlimited liability
Shared work load
Raising capital easier
Lack of expertise
Give two disadvantages of trading as a Partnership
Financial privacy
Lack of continuity
Low start-up costs
Loss of autonomy
Give two advantages of trading as a Sole Trader
Unlimited liability
Lack of capital
Better control
Financial privacy
Give two disadvantages of being a Sole Trader
Shared work load
Lack of expertise
Lack of continuity
Better control
Give two advantages of trading as a Partnership
Financial privacy
Lack of capital
Low start-up costs
Lack of expertise
Give two disadvantages of trading as a Partnership
Lack of capital
Unlimited liability
All profits are kept
Raising capital easier
Give two disadvantages of being a Sole Trader
Unlimited liability
Low start up costs
All profits are kept
Lack of capital
Give two advantages of trading as a Partnership
Lack of expertise
Specialisation
Raising capital easier
Conflict between partners
