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What is a characteristic of a sole proprietor business?

• Unlimited liability

• Jointly liable for legal/financial/ethical problems

• Requires three or more directors

• The company name ends in (PTY) Ltd.

What is a disadvantage of a private company?

• Easy to raise funds for growth through the sale of shares

• The name ends with Ltd.

• The company and its owners (shareholders) are separate entities

• If the company fails to attract financially strong shareholders, it may hamper its growth opportunities

What is a characteristic of a public company?

• Requires three or more directors and one or more shareholders

• The company name ends in (PTY) Ltd.

• A sole trader is a business that is owned and managed by one person

• The partnership does not pay income tax, only the partners in their personal capacities

What is an advantage of a sole proprietor business?

• The business has its own legal identity

• The company and its owners (shareholders) are separate entities

• The partnership does not pay income tax, only the partners in their personal capacities

• Can make quick decisions without having to consult others

What is a disadvantage of a partnership business?

• The partnership does not pay income tax, only the partners in their personal capacities

• Can obtain tax rebates if they are involved in SCI projects

• Decision making can be time consuming as all partners have to be in agreement

• The company and its owners (shareholders) are separate entities

What is the biggest risk of starting a new business?

• Losing Money
• Making Money
• Being Successful
• Failing

What is a charity?

• A business who makes profit
• A business who aims to help others
• An online business
• A service

It is the process of running a business in order to make a profit.

• ENTREPRENEURSHIP

• ENTREPRENEUR

• BUSINESSMAN

• EMPLOYEE

Which of the following best describes a person who founds and runs a small business, assuming all the risks and rewards of the venture?

• ENTREPRENEUR

• EMPLOYEE

• COMPANY

• ENTREPRENEURSHIP

This is a form of business ownership where two or more people act as co-owners.

• PARTNER

• PARTNERSHIP

• BUSINESS PARTNER

• COMPANY