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BUSINESS OWNERSHIP

Total questions: 40

Worksheet time: 24mins

Name
Class
Date
1.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
2.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
3.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
4.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
5.

What are the owners of private and public limited companies called?

a)

Stakeholders

b)

Managers

c)

Board of directors

d)

Shareholders

6.

Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?

a)

Profit is shared

b)

Financial accounts are kept private

c)

Limited liability

d)

Unlimited liability

7.

Which of the following statements is always true of a public limited company?

a)

Shareholders have day to day control of the company

b)

Liability is limited

c)

The ability to expand is limited

d)

Board of directors own the business

8.

Which of the following is a disadvantage of setting up a business as a partnership?

a)

Shared losses

b)

Shared workload

c)

Shared profit

d)

More ideas generated

9.

what type of liability does a sole trader have

a)

Limited Liability

b)

Unlimited Liability

c)

yes

10.

how many partners can you have in a partnership

a)

lots of friends

b)

3000 exactly

c)

2-20

d)

as many as you want

11.

name one example of a sole trader

a)

police man

b)

plumber

c)

astronaut

d)

mcdonalds

12.

what is the abreviation for public limited company

a)

ABC

b)

PLC

c)

LTD

d)

INC

13.

which one is an LTD

a)

Tesco

b)

KFC

c)

Dyson

d)

McDonalds

14.

Which of the following types of business have unlimited liability

a)

Sole Trader

b)

Partnership

c)

Private Limited Company

d)

Public Limited Company

15.

Which of the following is the best description of Unlimited Liability?

a)

The profits available are unlimited

b)

The owners responsibility for the debts of the company are unlimited

c)

You cannot lose your house or your car because they are protected

d)

The company has a separate legal identity

16.

Which of the following is an advantage of being a Sole Trader

a)

Profits need to be shared

b)

Shares can be sold to friends and family

c)

They have unlimited liability

d)

Full control over decision making

17.

Who can Private Limited Companies sell their shares to?

a)

Members of the public

b)

Friends and family

18.

Which is the odd one out?

a)

Private Limited Company (Ltd)

b)

Private Limited Company (PLC)

c)

Public Limited Company (PLC)

19.

Which is the only ownership type that allows the owner to keep all the profit?

a)

Private Limited Company

b)

Partnership

c)

Sole Trader

d)

Public Limited Company

20.

Which ownership type can sell shares on the stock exchange to the general public?

a)

Sole Trader

b)

Partnership

c)

Ltd

d)

PLC

21.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
22.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
23.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
24.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
25.

What are the owners of private and public limited companies called?

a)

Stakeholders

b)

Managers

c)

Board of directors

d)

Shareholders

26.

Which of the following is a drawback for an entrepreneur setting up a business as a sole trader?

a)

Profit is shared

b)

Financial accounts are kept private

c)

Limited liability

d)

Unlimited liability

27.

Which of the following statements is always true of a public limited company?

a)

Shareholders have day to day control of the company

b)

Liability is limited

c)

The ability to expand is limited

d)

Board of directors own the business

28.

Which of the following is a disadvantage of setting up a business as a partnership?

a)

Shared losses

b)

Shared workload

c)

Shared profit

d)

More ideas generated

29.

what type of liability does a sole trader have

a)

Limited Liability

b)

Unlimited Liability

c)

yes

30.

how many partners can you have in a partnership

a)

lots of friends

b)

3000 exactly

c)

2-20

d)

as many as you want

31.

name one example of a sole trader

a)

police man

b)

plumber

c)

astronaut

d)

mcdonalds

32.

what is the abreviation for public limited company

a)

ABC

b)

PLC

c)

LTD

d)

INC

33.

which one is an LTD

a)

Tesco

b)

KFC

c)

Dyson

d)

McDonalds

34.

Which of the following types of business have unlimited liability

a)

Sole Trader

b)

Partnership

c)

Private Limited Company

d)

Public Limited Company

35.

Which of the following is the best description of Unlimited Liability?

a)

The profits available are unlimited

b)

The owners responsibility for the debts of the company are unlimited

c)

You cannot lose your house or your car because they are protected

d)

The company has a separate legal identity

36.

Which of the following is an advantage of being a Sole Trader

a)

Profits need to be shared

b)

Shares can be sold to friends and family

c)

They have unlimited liability

d)

Full control over decision making

37.

Who can Private Limited Companies sell their shares to?

a)

Members of the public

b)

Friends and family

38.

Which is the odd one out?

a)

Private Limited Company (Ltd)

b)

Private Limited Company (PLC)

c)

Public Limited Company (PLC)

39.

Which is the only ownership type that allows the owner to keep all the profit?

a)

Private Limited Company

b)

Partnership

c)

Sole Trader

d)

Public Limited Company

40.

Which ownership type can sell shares on the stock exchange to the general public?

a)

Sole Trader

b)

Partnership

c)

Ltd

d)

PLC

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