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WorksheetsF4-T1-21-TERMS, MONEY, FORMS OF BUSINESS
Total questions: 20
Worksheet time: 20mins
It is the simplest form of business organization.
Sole Proprietorship
Partnership
Public limited company
Private limited company
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
Sole Proprietorship: All responsibilities are yours. This is a/an
Advantage
Disadvantage
Two heads are better than one. What does this represent?
Advantage: Sole Proprietorship
Disadvantage: Partnership
Advantage: Partnership
Disadvantage: Sole Proprietorship
Advantages of a sole trader are:
(Choose all answers that apply, more than one answer can be chosen)
Limited liability
The owner makes all the decisions
The owner takes all the profit
Can raise substantial capital
Advantages of a partnership are:
(Choose all answers that apply, more than 1 can be chosen)
The partners split the profit
Unlimited liability
Raise more capital than a sole trader
Share the workload
This type of organization is a legal entity separate from its owners. It is
Sole proprietorship
Unincorporated
Incorporated
None of the above
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
The main disadvantage of a __________ is that each owner is fully responsible for the acts of all other owners.
Proprietorship
Partnership
Corporation
Franchise
(a) is the exchange of goods or services without the use of money.
(a) is the excess of revenues over expenses in a business enterprise.
(a) is a person who purchases goods and services for his own personal needs.
Money has what if it doesn't deteriorate when it is being handled?
Scarcity
Divisibility
Durability
Portability
Money has what if it can be broken down into smaller units so it can be used as needed?
Divisibility
Portability
Scarcity
Durability
What is money if it is available but only in a limited supply?
Portable
Durable
Divisible
Scarce
Money or other substance generally accepted as payment for goods and services.
Measure of value
Medium of exchange
Scarcity
Store of Value
What are the 3 functions of money?
(Choose 3 answers)
Divisible
Store of Value
Medium of Exchange
Acceptable
Measure of Value
