N5 Accounting - Sources of Finance
Quiz
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Other
•
12th Grade
•
Hard

Chantelle Scott
Used 12+ times
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15 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which answers below are advantages of being a sole trader?
As a sole trader the firm have more assets to secure a loan on
The owner keeps all the rewards of their efforts - i.e. profits
The sole trader can take quick decisions without having to refer to anyone else
The owner has limited liability
The business can be set up without much need for paper work or legal documents
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which answers below are disadvantages of being a sole trader?
As a sole trader the firm have less assets to secure a loan on
The owner cannot keep all the rewards of their efforts - i.e. profits
The sole trader cannot easily share the burden of work and may not have all the expertise requried
The owner has limited liability and is personally responsible for all debts
The business can be set up without much need for paper work or legal documents
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The proper term for the funds invested into a new sole trader firm by the owner is called ...
Equality
Equity
Capital
Investment
Cash inflow
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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