L2 AAT Business entities recap

Fred and Freda run a small business making clothes, they each put £2,000 into the business. They share decisions, profits and debts. What type of business is it?

• Sole trader

• Private limited company

• Charity

• Partnership

A limited company needs to prepare financial statements in accordance with the Financial Reporting Standards?

• TRUE

• FALSE

Owners of a limited company take their profits out in the form of drawings

• TRUE

• FALSE

A further education college is a _____________ type of organisation?

Monitoring the training needs of employees is the function of ...

• The marketing department

• Human Resources department

• Operations department

• Finance department

The 'separate entity' concept means that all transactions (business and personal) of a sole trader are included in the financial statements

• TRUE

• FALSE

Identify TWO advantages of a business operating as a partnership

Companies are controlled by shareholders and managed by directors

• TRUE

• FALSE

Dealing with the transport of products overseas is the responsibility of the....

• Operations department

• Sales and Marketing department

• Distribution & logistics department

• Finance department

Name ALL 3 components of your End Point Assessment for your L2 AAT Apprenticeship