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WorksheetsBusiness Studies - Exam Prep
Total questions: 45
Worksheet time: 27mins
The best definition of a sole trader form of business organisation is:
the business only employs one person
the business is owned by one person
the firm has a single customer
there is a single firm in the industry
One of the claimed advantages of a sole trader business is that:
owners have limited liability
shares can be sold to raise capital
decisions and responsibilities can be shared
the owner has complete control
One of the disadvantages of a sole trader business is that:
capital is limited to owner’s savings and bank loans
decisions take too long to make
as they are government owned there is no profit motive
the owners may disagree
One of the advantages of a partnership form of business organisation is that:
all partners always have limited liability
shares can be sold on the Stock Exchange
the business survives the death of the partners
the business has access to more capital than a sole trader
Carrying out staff training is done by ...
Human Resources
Marketing
... is responsible for organizing conferences and trade events.
Finance
Marketing
The ... department is in charge for paying local and national taxes.
Sales
Finance
Which of the following businesses is likely to have the most amount of capital
Partnership
Sole Trader
Number of partners in a partnership business are.....
Unlimited
200 maximum
2 to infinite
2-20 partners
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Partnership
Sole Proprietorship
Franchise
Private limited company
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.
Sole Proprietorship
Franchise
Partnership
Private Limited Company
Which of the following is the definition for sole proprietorship
business investment that involves renting or leasing another successful business model
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm;
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
Which of the following is an advantage of a partnership?
Which of the following is an advantage of a partnership?
partnerships can usually attract financial capital more easily than proprietorships.
management is hard between two or more people
They are inefficient.
Which of these is a disadvantage of a Partnership?
Easy to set up
More capital
More skills and expertise
Unlimited liability
(a) is an initiative in business or a project or undertaking that requires boldness or effort.
They are the business owners who by taking risks and making decisions, enable production to be carried out in anticipation of demand. This is called (a)
(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.
If the income of the business is less than the expenses then it makes a (a) .
(a) is the act of selling goods or services.
(a) is a business or administrative concern which is set up for a particular purpose.
The complex of activities concerned with the production, distribution and consumption of goods and services is called an (a)
(a) is a person who engages in or takes overall administrative responsibility for the making of a product.
(a) is a person who purchases goods and services for his own personal needs.
(a) is the handing over goods for another item of equivalent value in kind.
Commodities that are tangible and are generally not consumed at the same time that they are produced are called (a) .
(a) can be defined as intangible commodities or work that are performed for remuneration.
(a) is any situation which brings buyers and sellers into contact to transact business.
(a) is an article of commerce.
(a) applies to the money and all other assets which are used in the process of production e.g. buildings machines etc.
(a) can be defined as workers confine themselves to one task and by doing so become experts at these particular tasks.
Which card is normally used to withdraw money from a person's personal account ?
Debit card
Credit Card
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
What is the instrument of payment shown in the picture?
prepaid card
postal order
cheque
e-wallet
Which of the following is a feature of a debit card?
Payment of
transactions and
services through
an online account
using the Internet.
Spend first and pay
later to the bank and
card issuer such as
supermarkets.
Direct payment
using notes
and coins.
Payment through
savings or checking account
using card
Credit card uses borrowed money or the bank's money, Debit card uses your money.
