1) Shares are listed on the stock exchange a) Sole trader b) Partnership c) Ltd d) PLC 2) Joint owners share the profits and the liability a) Sole trader b) Partnership c) Ltd d) PLC 3) Anyone can buy shares in the business a) Sole trader b) Partnership c) Ltd d) PLC 4) The owner has sole control of all decisions  a) Sole trader b) Partnership c) Ltd d) PLC 5) The founder can invite shareholders to raise finance a) Sole trader b) Partnership c) Ltd d) PLC 6) The partners may share skills and expertise a) Sole trader b) Partnership c) Ltd d) PLC 7) The owners and any shareholders have limited liability (TWO answers) a) Sole trader b) Partnership c) Ltd d) PLC 8) The private business is incorporated a) Sole trader b) Partnership c) Ltd d) PLC 9) Joint liability is unlimited a) Sole trader b) Partnership c) Ltd d) PLC 10) The owners and their friends and family that have invested have limited liability a) Sole trader b) Partnership c) Ltd d) PLC 11) The owner has unlimited liability a) Sole trader b) Franchisor c) Ltd d) PLC 12) Complete annual accounts are published for all to see a) Sole trader b) Partnership c) Ltd d) PLC 13) Any profits can be kept by the founder a) Sole trader b) Partnership c) Ltd d) PLC 14) Though private, the business submits accounts yearly at Companies House a) Sole trader b) Partnership c) Ltd d) PLC 15) Unlimited liability means a) The owners must pay dividends b) The owner may have to sell personal assets to pay off business debts c) The owner's personal assets are safe and separate from the business 16) One advantage of starting a franchise business is a) The owner can sell shares to raise finance b) The franchisor will provide advice and marketing support c) The franchisor buys a share in the business d) The franchisee can sell shares on the stock exchange 17) One benefit of starting a business as a private limited company a) The entrepreneur may keep all the profits b) The entrepreneur has complete control of the business c) The entrepreneur does not have to share accounts of the business d) The entrepreneur has financial security as personal assets are not at risk 18) A business that can sell shares to raise finance a) A sole trader b) A partnership c) A private limited company d) A venture capitalist 19) The franchisor a) Pays a fee to permit them to sell products of a big brand b) Sells shares in its business to franchisees c) Permits the franchisee to sell its products under its name d) Is when an entrepreneur starts a business 20) A franchise is a good way to start a business because a) It's less risky to start a business that has a good reputation and brand image b) It's cheap and easy to run c) The owner has no liability d) The entrepreneur may change the services and products to meet customer need

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