Sole Trader and Partnership (Grade 7)
Quiz by Rifqa ahmed
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37 questions
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- Q1What is sole proprietorship?Legal entity that is similar to indviduals, may be small or largeTwo or more owners, business tend to be smallOne owner managing the businessOwner shares losses and profits30s
- Q2What is a partnership?Two ore more owners and a legal entityTwo or more owners, sharing profit and lossesLegal entity, sharing profit and lossesOne owner managing the business30s
- Q3What is a benefit of a sole proprietorship?Responsible for all decisions and debtsA lot of people who make decisions for the better of the companyMultiple people that share all the lossesOne person that receives all the profits and income30s
- Q4What is a benefit of a partnership?One person that receives all the profits and incomeMultiple people that share all the profits and incomeShared decision making and shared lossesOne person is responsible for all decisions and debts30s
- Q5What is a drawback of having a partnership?Limited liabilityShared decision making - can rely on their expertiseReceived all benefits, profits and incomeMust decide what to do if someone decides they want to leave30s
- Q6What is a drawback of having a sole proprietorship?Limited liabilityReceives all benefits, profits and incomeOne person can easily manage the businessOwner is responsible for all decisions and all debts30s
- Q7An entrepreneur -Reinforces government regulationsManages financial investmentsTakes the risk to earn profitSets the interest rates at banks30s
- Q8What is a disadvantage of partnerships?Possibility of personality conflictEase of formationOwners share responsibilitiesLimited liability30s
- Q9Choose the best description of a sole proprietorship.A business owned when one shareholder has 99% investment and the other has 1% investment.A business owned by one person.A business owned by two or more people.A business owned by shareholders.30s
- Q10What type of business consists of two or more people?FranchiseCorporationPartnershipSole Proprietorship30s
- Q11Which ownership type has unlimited liability (owner has full responsibility for company's debt and can lose entire investment as well as personal assets).Sole ProprietorshipFranchiseCorporationPartnership30s
- Q12Which are the disadvantages of a partnership?Partners may not get alongPartners share unlimited liabilityAll of these are correctPartnership must be reorganized if one partner quits30s
- Q13Sole Traders haveUnlimited LiabilityLimited Liability30s
- Q14Sole Traders, Partnerships and Private Limited Companies are in which sector of the Economy?Private SectorPublic Sector30s
- Q15Law firms, medical practices, and auto body repair shops are examples of what type of ownershipSole proprietorshipPartnershipFranchiseCorporation30s