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1776363
Sole traders, partnerships and franchises (chapter 3)
Description
Quiz on Sole traders, partnerships and franchises (chapter 3), created by marcela.leme on 10/12/2014.
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business studies igcse business environment edexcel
Quiz by
marcela.leme
, updated more than 1 year ago
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Created by
marcela.leme
over 9 years ago
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Resource summary
Question 1
Question
Entrepreneurs have many responsibilities. They need to be innovators, risk takers, decision makers and have unlimited liability.
Answer
True
False
Question 2
Question
Being a sole trader can have many burdens, however there are advantages. Which one of these benefits the sole trader? You may pick one or more.
Answer
Have limited liability
Simple to set up - no legal requirements
Can offer personal service
Can exploit economies of scale
May qualify for government help
Question 3
Question
Name three disadvantages of having a Partnership.
Answer
Financial information is not made public
Partners have unlimited liability.
Tend to be small businesses
No continuity
Profit is shared
Question 4
Question
In limited Partnerships both partners have limited liability
Answer
True
False
Question 5
Question
Which of these are advantages to the franchisee? Pick one or more.
Answer
Cost of support may be high
Set-up costs are predictable
Back-up support is given
Fast method of growth
Strict contracts have to be signed
Question 6
Question
Which describes best an incorporated business?
Answer
businesses where there is no legal difference between the owner and the business
Where the business has separate legal identity from that of its owners
Question 7
Question
Which of these are disadvantages to the franchisor? Pick one or more.
Answer
potential profit is shared with franchisee
Can be an expensive way to start a business
Poor franchisees may damage the brand’d reputation
Franchisees take most of the risk
Question 8
Question
Partnerships are strictly between 2 and 20 people
Answer
True
False
Question 9
Question
A franchisor is the owner who allows franchisees to operate under their name
Answer
True
False
Question 10
Question
Sole traders, partnerships and franchises all have limited liability.
Answer
True
False
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