OCR Bus: 1.3 Business Ownership

In a sole trader business, who is responsible for the profits and losses?

• The government

• The owner

• The employees

• The shareholders

What is the liability status of a sole trader?

• Limited Liability

• No Liability

• Unlimited Liability

• Shared Liability

What is the main advantage of a sole trader having sole decision-making power?

• Increased bureaucracy

• Freedom to make decisions without interference

• Shared responsibility

• Limited liability

What type of liability do partners have in a partnership?

• Limited Liability

• Unlimited Liability

• No Liability

• Shared Liability

Which type of businesses are partnerships often suitable for?

• Large corporations

• Professional services firms or small businesses

• Government agencies

• Non-profit organizations

What is the ownership transferability like in private limited companies?

• Shares cannot be transferred

• Shares can be transferred with some restrictions

• Shares are freely transferable

• Shares are publicly traded

Which type of company allows the general public to buy and sell shares?

• Sole proprietorship

• Private limited company

• Public limited company

• Partnership

Which type of company is often suitable for large-scale businesses that require substantial capital investment?

• Sole Trader

• Partnership

• Private Limited Company

• Public Limited Company

What type of business ownership do John and Sarah have for their dental practice?

• Sole Proprietorship

• Partnership

• Private Limited Company

• Public Limited Company

Which type of company is Flagship Software Ltd?

• Sole Proprietorship

• Partnership

• Private Limited Company

• Public Limited Company