Y9 Bus/Econ - Unit 4 Partnerships
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8 questions
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- Q1Which is an advantage of a partnership?More finance can be raisedMay disagree and fall outny partner’s actions are legally binding on the entire partnershipHave to share profits30s
- Q2Which is a disadvantage of a partnership?Debts are spread among partnersCan specialise according to their expertiseSubject to unlimited liabilityMore finance can be raised30s
- Q3What is a binding legal document which states the formal rights of partners called?deed of rightsdeed of ownershipdeed of partnershipdocument of partnership30s
- Q4where a business owner is only liable for the original amount of money invested in the businessunlimited responsibilitylimited responsibilityunlimited liabilitylimited liability30s
- Q5What is a partnership where some partners contribute capital and enjoy a share of the profit but do not take part in the running of the business called?unlimited partnershipsole traderlimited partnershiprestricted partnership30s
- Q6Which one of the following is always true regarding the differences between sole trader and partnership?Sole traders have unlimited liability but all partnerships enjoy limited liabilitySole traders are run by the less educated like corner shop owners, but partnerships are formed by licenced professionals like lawyers and accountants.Sole traders are very small businesses that employ just a few workers, and partnerships are always larger than sole trader businesses.Sole traders are businesses owned by one person but partnerships have two or more owners.60s
- Q7Which one of the following may not be included in a partnership agreement (Deed of Partnership)?The contributions from different partnersHow the partnership may be endedHow workers are hired and trainedHow major decisions are mad45s
- Q8The public sector is where organisations are...owned by central or local governmentsowned by the public as shareholdersrun for profitowned by private companies45s