Types of Businesses

Which of the following has the simplest business structure

• sole trader

• partnership

• franchise

• private company

A Cooperative can be defined as

• Trading on your own

• an association of people

• a community enterprise owned and controlled by a number of people

• A complex legal structure

A partnership is an association of people where business partners all receive income

• true

• false

Which is an ADVANTAGE of a sole trader business

• long hours

• responsible for all debt

• pressure all on you

• full control

Which are disadvantages of a sole trader business

• Unlimited liability

• Responsible for all debt

• Long hours

• all of the above

There are five different types of businesses

• true

• false

Which of the following business types are cheap to start up

• franchise

• private company

• public company

• sole trader

Which of the following is NOT a consideration for starting a business

• school grades

• workload

• types of liability

• debts

If three people ran a small business together, and all received the profit from this business, it would be a ..

• franchise

• partnership

• sole trader

• public company

Which of the following is an example of a franchise

• Dreamtime

• Ice & Tackle

• McDonalds

• Tuckshop