What type of liability does a sole trader have?
Limited
Unlimited
Private
What is a private limited company often abbreviated as?
Ltd
ARR
Plc
Which one of the following types of business can sell shares to the general public?
A Plc
An Ltd
A Partnership
Which of the following statements about partnerships is true?
A partnership can have a maximum of 20 owners
A partnership must have at least two owners
A partnership must have a deed of partnership
Which of the following statements about sole traders is true?
Sole traders can only employ one person
Sole traders have limited liability
Sole traders make all the business decisions
What do the letters “Plc” in the name of a business stand for?
Public Liability Company
Public limited company
Private limited company
Which of these is a benefit of being partnership?
There are more ideas in the business
The owners have to give away a share of the business profits
There is unlimited liability
Which of these is a disadvantage to being a sole trader?
Being your own boss
Being personally responsible for all business debts
Sharing profits
What are the owners of a private or public limited company referred to?
Shareholders
Stakeholders
CEO
The letters ‘LLP’ indicate that a partnership has which of the following features?
Limited liability
A deed of partnership
At least 2 owners