WorksheetsPrivate Sector
Total questions: 20
Worksheet time: 13mins
Name
Class
Date
1.
How many people own a sole trader business?
a)
3
b)
2
c)
1
d)
20
2.
An advantage of being a sole trader is
a)
you can take time off whenever you want
b)
you can grow your business really easily
c)
you can receive large amounts of finance from loans
d)
you receive all the firm's profit for yourself
3.
A disadvantage of being a sole trader is
a)
a heavy workload creates stress and pressure
b)
a second opinion on important decisions is always available
c)
arguments and disagreements can harm the progress of the business
d)
the owner gets a smaller share of the profits
4.
Which of these businesses is a sole trader?
a)
Domino's
b)
Marks & Spencer
c)
Amazon
d)
Local Newsagent
5.
Are Sole Traders large or small businesses?
a)
Large
b)
Small
6.
A partnership has between 2 and 20
a)
employees
b)
shareholders
c)
owners
d)
customers
7.
A partnership arrangement is commonly found in
a)
the fire service
b)
dentists' surgeries
c)
local councils
d)
supermarkets
8.
Which of the following is an advantage of being in a partnership?
a)
Ideas and decision making can be shared
b)
The most senior partner has responsibility for running the business
c)
Partners can have responsibility for many different areas of the business
d)
Each partner gets the same share of the profits
9.
In a partnership, all profits are shared between the partners.
a)
False
b)
True
10.
Which of the businesses has unlimited liability?
a)
Sole Trader
b)
Partnership
c)
Both
11.
What is unlimited liability?
a)
If the business fails you will not lose personal possessions
b)
If the business fails you will lose personal possessions
12.
Which is a difference between private and public sector
a)
private sector and public sector are owned by citizens
b)
private sector is there to make a profit while public sector aims to provided necessary services
c)
Both are operated by taxpayers money
d)
none of the above
13.
Which type of business is private?
a)
Sole Trader
b)
Partnership
c)
Both
d)
Neither
14.
Which is a franchisor?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
15.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
16.
TRUE or FALSE - The Franchisee can benefit from using the brand name of the Franchise, as well as advertising and marketing
a)
TRUE
b)
FALSE
17.
True or False - There is no set up fee involved in setting up a Franchise
a)
TRUE
b)
FALSE
18.
Franchise is costly because
a)
High investment cost
b)
Initial franchise fee
c)
franchisee is required to pay advertising fee
d)
All of the above
19.
What's a franchisee?
a)
A franchisee is the initial fee paid to the company
b)
A franchisee is a company that owns the service and grants rights to another business.
c)
A franchisee is formed when the franchisee buys a business.
d)
A franchisee is the person buying the right to run a business.
20.
Name 3 businesses which are Franchises.
4 lines
100 %
