Forms of Business Ownership

Description

OCR Applied Business
James HERSH
Quiz by James HERSH, updated more than 1 year ago
James HERSH
Created by James HERSH almost 10 years ago
2177
49

Resource summary

Question 1

Question
What are the advantages of a Sole Trader.
Answer
  • Easy to Set Up
  • You get to be your own boss
  • Working Longer Hours
  • You decide what happens to profit

Question 2

Question
How many people are needed to form a partnership?
Answer
  • 2
  • 3
  • 1
  • 2-20

Question 3

Question
Which is an advantage of having a Limited company?
Answer
  • Limited Liability
  • Unlimited Liability

Question 4

Question
Sole Traders have ______________ liability
Answer
  • Unlimited
  • Limited

Question 5

Question
Partners can sign a _______________ - this shows how businesses will be run and how profit is shared. If there is no deed, _____________________.
Answer
  • Deed of Partnership
  • Profits are shared equally
  • Document
  • Profits are invested into the business
  • Certificate of Incorporation
  • Companies Act 1985

Question 6

Question
Partnerships have ______________ Liability.
Answer
  • Unlimited
  • Limited

Question 7

Question
What are sleeping partners?
Answer
  • Partners who work during the night while others are asleep
  • Partners who invest money into the business but are not actively involved in it
  • Retired Partners

Question 8

Question
Sleeping Partners have _________________
Answer
  • Limited Liability
  • Unlimited Liability

Question 9

Question
Limited Companies are owned by at least__________ shareholders
Answer
  • 1
  • 2
  • 3
  • 4
  • 5
  • 10+
  • 20+

Question 10

Question
With Private Limited Companies. Shares are sold_________________________________who__________________________________. They receive___________ in return.
Answer
  • privately to friends and family
  • invest into the business.
  • discounts
  • Dividends
  • Publicly on the stock market
  • purchase products from the business

Question 11

Question
All shareholders have ________________ liability.
Answer
  • Limited
  • Unlimited

Question 12

Question
Each shareholder has some control of the business, they vote annually for____________________________.
Answer
  • Directors at AGMs
  • New products/services for the company to offer
  • how much dividends they receive

Question 13

Question
What information is needed to register a company. (Limited Companies)
Answer
  • A Memorandum of Association
  • Articles of Association
  • Certificate of Incorporation

Question 14

Question
A limited companies accounts can be viewed by anyone
Answer
  • True
  • False

Question 15

Question
A memorandum of Association is ______________________________________________
Answer
  • a document giving the name, address, activity and shares of the company.
  • a document giving details of the voting rights of the shareholders, how profits, will be shares and what the directors do.

Question 16

Question
Articles of Association is ______________________________________________
Answer
  • a document giving details of the voting rights of the shareholders, how profits, will be shares and what the directors do.
  • a document giving the name, address, activity and shares of the company.

Question 17

Question
What does Unlimited liability mean
Answer
  • The owner/s are responsible for all the debts of the business. Risk: Own Possessions.
  • Shareholders (owners) are only responsible for the amount they invested.

Question 18

Question
When a business has been registered at Companies House it will then receives a ____________________
Answer
  • certificate of incorporation
  • memorandum of association

Question 19

Question
A certificate of incorporation
Answer
  • is a document containing information about shares
  • a list of products/services a company offers
  • a document which allows them to start trading

Question 20

Question
A business owner decided not to offer any stocks for sale to the public. What type of corporation are they an example of?
Answer
  • Limited (Private)
  • Limited (Public)
  • Sole Trader
  • Partnership
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