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WorksheetsBusiness Types
Total questions: 40
Worksheet time: 13mins
Sole Trader
What is a business owned by stockholders/investors but operated by others?
Sole Trader
Partnership
Private or Public Limited Company
Sole Trader
What is ONE advantage of a sole trader?
Which is ONE disadvantage of Sole Trader?
What is ONE advantage of a Private or Public Limited Company?
Difficult to start
Make all of the decisions
Easy to raise money!
What is ONE disadvantage of a Private or Public Limited Company?
Disagreements
Less direct control
The risk is all on one person
Sole Trader
Law firms and doctor's offices are good examples of.....
Sole Proprietorships
Partnerships
Limited Companies
Franchises
Nike, Google and Apple are examples of.....
Private Limited Companies
Partnerships
Public Limited Companies
Sole Trader
Sole Trader
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
Sole Trader
Partnership
Private Limited Company
Public Limited Company
Advantages of this type of business include: selling stock to raise money, limited liability.
Sole Trader
Partnership
Public Limited Company
Franchise
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
Sole Trader
Partnership
Private and Public Limited Companies
2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses. What kind of business have they?
Sole TRader
Partnership
Corporation
3. Mary opened a dance studio. She receives all the profits from her students’ lessons.
Sole Trader
Partnership
Corporation
Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.
Sole Trader
Partnership
Corporation
Mr. Lewis pays taxes on dividends for stocks he owns in a manufacturing company. The company also pays taxes on its income before distributing it to stockholders.
Sole Trader
Partnership
Corporation
Mr. Wells owns a card shop. Because baseball cards have declined in popularity his business is struggling. He decides he has to sell his house to pay off his business debts.
Sole Trader
Partnership
Corporation
Unger and Unger is a law firm consisting of two brothers who started their own business. They both are responsible for all profits and risks that their firm will have.
Sole Trader
Partnership
Corporation
Private Limited Companies are owned by
Sole Traders
Partners
Shareholders
The Government
Sole Traders have
Unlimited Liability
Limited Liability
Private Limited Companies have
Limited Liability
Unlimited Liability
Partnerships have
Limited Liability
Unlimited Liability
Sole Traders, Partnerships and Private Limited Companies are in which sector of the Economy?
Private Sector
Public Sector
Third Sector
Which of the following is the least complicated to set up?
Sole Trader
Partnership
Private Limited Company
A sole trader gets to keep any profits made for themselves
True
False
How many People can be in a Partnership?
Unlimited
2 only
Between 2 & 20
Between 2 & 10
The shareholders elect a Board of Directors to run a Private Limited Company
True
False
Private Limited Companies have to make Financial Information Public
True
False
Which 2 of these types of organisations must share their profits?
Sole Trader
Private Limited Company
Partnership
What does PLC stand for?
Public Limited Company
Profit/Liability Curve
Princesses Like Crowns
Probably Locking Cages
What is the simple difference between a public and private limited company?
A public limited company is public and a private limited company is private.
There are no differences.
The public limited company can quote shares in a stock exchange while a private limited company cannot.
One does not deal with shares while the other does.
What are some documents required for the formation of a public limited company?
Article and memorandum of association.
A car.
An already established business.
A private jet.
What are the main managers/owners of a public limited company called?
Owners and managers
Bosses and mentors
Directors and shareholders
Principals and boards
What does limited liability mean?
liable for all debts of the business
liable for no debts of the business
liable for debts up to the amount invested only
What does unlimited liability mean?
liable for all debts of the business
liable for no debts of the business
liable for amount invested in the business only
