Starting a business quiz

one advantage of a sole trader is:

• quick and easy start up

• limited liability

• the swift continuance of business affairs despite mishaps

• all losses are shared

Limited liability refers to the:

• having personal responsibilities for debts incurred in a business.

• having unlimited profits

• having no personal responsibility for the debt of a business.

• Sharing profits

Sole trader is also called a:

• sole marketer

• sole proprietorship

• sole exchanger

• sole investorship

What is a business?

• any individual or group of individuals whose goal is to make a profit by selling products or services.

• Any individual or group of individuals who participate in community service or charity

• an organization that develops skills

• The way people makes things

Which of the following are types of business ownership?

• Partnership and taxi driver

• private limited company and sole trader

• sole trader and government

• private limited company and economics

True/ False: the business dies with the sole proprietor.

• True

• False

True/ False: People do not start a business to make a profit.

• True

• False

True/ False: Partnerships can have up to 20 members

• True

• False

Sole Traders can use business grants and personal funds to raise capital

• True

• False

Which of the following is a feature of the sole trader?

• sole trader has unlimited liability

• sole trader has up to 20 members

• sole trader sells shares

• sole trader is difficult to start up