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DP PREP: business entities

Authored by Ilia Levinskii

Business

9th Grade

Used 3+ times

DP PREP: business entities
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement does not apply to sole traders?

It is the most common form of ownership

There can be more than one employer

A business that is owned by one person

There may be more than one employee

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sole trader is a person who

Forms a business with another single person

Sets up the safest form of business organisation

Is not legally liable for any debts of the business

Has exclusive responsibility for the running of the business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In comparison to other forms of businesses, sole proprietors face the problem of

Continuity

Administration and set-up procedures

Having to arrange specialisation and division of labour on a large scale

Privacy of account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Disadvantages of sole traders do not include

Constraint of lack of time and specialisation

A reliance on the efforts and liability of just one person

The demands of having to be multi-skilled

Autonomy in decision-making

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Advantages of sole traders do not include

A high degree of condentiality in administration

Flexibility and freedom in decision-making

Profits not having to be shared with others

The various sources of finance available

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a necessary condition for an ordinary partnership?

Signing the contents of a partnership deed

Have between 2 to 20 partners

Have at least one partner with unlimited liability

Shares cannot be issued by the business

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is least likely to be a disadvantage of a partnership?

Managing conflicts and disagreements

Having to share profits

Dealing with different sources of finance

Less control of business activities

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