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1.2. Business ownership GCSE Business AQA Flashcards | StudBud
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1.2. Business ownership GCSE Business AQA
1.2. Business ownership GCSE Business AQA
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1.2. Business ownership GCSE Business AQA
Flashcards
13 cards
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Questions
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Answers
1
Which TWO of the following are features of limited liability?
Owner is responsible for business debt
Liability is equal to the value of shares that the owner has invested in
No protection provided for personal assets
Owner is not responsible for the debts of the business
2
Which of the following is a disadvantage of a not-for-profit organisation?
They are driven by a specific mission or cause
They can be heavily reliant on donations
They can benefit from tax exemptions
They can attract passionate volunteers
3
Which TWO types of legal structure have unlimited liability?
Partnership
Sole trader
Public limited company
Private limited company
4
Which of the following is NOT an advantage of being a sole trader?
Keeps all the profits
Can make own decisions and have full control
It is generally quick and easy to set up the business
May have to work long hours and have lots of responsibility
5
Which of the following is NOT a type of business ownership?
Creditorship
Partnership
Limited company
Sole trader
6
Which of the following types of businesses is NOT likely to be a partnership?
Vets
Solicitors
Dog walker
Dentists
7
Which TWO of the following are advantages of being in a partnership?
Finance can be raised by selling shares
Shared responsibility for business debts
Can benefit from tax-exemptions
Shared responsibility and decision making
8
Shares in a private limited company can be sold publicly on the stock market.
False
True
9
Which TWO of the following are disadvantages of operating as a private limited company?
Shareholders and directors may have different views
Are at risk of a takeover by other companies
Have to publish business accounts
Shares cannot be sold publicly
10
The Deed of Partnership is a legal document outlining the rules of the partnership.
False
True
11
A sole trader will appoint a board of directors who are responsible for the day-to-day running of the business.
True
False
12
A business that is owned and controlled by one person is called a...
Partnership
Public limited company
Private limited company
Sole trader
13
An example of a not-for-profit organisation is a...
Charity
Hairdresser
Restaurant
Car garage
