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Worksheets1.4 Types of Businesses (AS/IG)
Total questions: 24
Worksheet time: 12mins
A father who wants to take his son into the business with him should form this type of business.
Sole Trader
Partnership
Corporation
Someone who wants to control every aspect of their business should form this type of business.
Sole Trader
Partnership
Corporation
Louise and Susan are meeting to plan a new advertising campaign for the town newspaper they own. What type of business do they have?
Sole Trader
Partnership
Corporation
What is a Sole Trader?
A business where 2 or more people share ownership
A business owned by shareholders
A business that is owned by one individual
Which of the following is an advantage of sole trader?
Owner has complete control
Owner gets all the stress
Cannot raise capital
All the above
Partnership requires at least three people
True
False
In partnership, decisions require agreement
True
False
A incorporated business can continue to exist after the death of its owners
True
False
Franchisors usually provide all of the listed items except....
Advertising
Training
Loan
Equipment
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
The shareholders elect a Board of Directors to run a Private Limited Company
True
False
The public sector is owned and controlled by the Government?
True
False
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.
Franchiser owns the brand
True
False
Which of the following is the disadvantage of the franchisor?
May loose local variety and choice
Regular payments to franchisor
looses Independence in running the business
if badly run, the brand will suffer
