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WorksheetsBusiness Basics Assessment
Total questions: 15
Worksheet time: 14mins
A business that is owned and operated by 1 one person is known as a/an?
Parntership
Sole Trader
Corporation
Francise
Which type of business is owned and operated by 2-20 persons?
Partnership
Sole Trader
Corporation
Franchise
Below are 4 options select the options that best fits the answer.
What are the 2 advantages of a sole trader listed below?
Capital is easy to raise
Profits are not shared
It is easy to operate
If the owner dies the business will also die
Give one example of a Sole Trader business.
What are the three type of Partners?
Sleep over partners, ordinary partners and limitation partners
Sleeping partners, original partners and limited partners
Sleeping partners, ordinary partners and limited partners
Sleep over partners, original partners and limitation partners
When starting up a Partnership the partners must sign a document which outlines the agreement between all the partners entering into the business. What is the name of this document?
The Partnership Arrangement
The Partners Discipline
The Partnership Dean
The Partnership Deed
Another name for the Partnership Deed is the (a) .
Identify 2 information that the Parntership Deed/Agreement should include.
A company is a legally formed business whose owners may be separate from those who control and manage it.
True
False
What are the two main types of company?
A shareholder is a person who sells shares to a company.
True
False
Within a Public Limited company there are no restrictions on the sale of shares.
True
False
Identify 1 characteristic of a Public Limited Company.
What is a Private Limited company?
A Private Limited company is a business that sells/issues shares to family, friends or employees to raise capital.
A Private Limited company is a business that sells/issues shares to the general public to raise capital.
A Private Limited company is a business that is owned and operated by shareholders.
One advantage of a Private Limited company is
The shareholders have limited liabilities.
The company is unable to raise capital from the public.
Shareholders are only allowed to sell shares to family members.
There is little to no privacy.
