Quiz
Sole traders, partnerships and franchises (chapter 3)
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Questions in this quiz (10)
1Entrepreneurs have many responsibilities. They need to be innovators, risk takers, decision makers and have unlimited liability.
- ATrue
- BFalse
2Being 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.- AHave limited liability
- BSimple to set up - no legal requirements
- CCan offer personal service
- DCan exploit economies of scale
- EMay qualify for government help
3Name three disadvantages of having a Partnership.
- AFinancial information is not made public
- BPartners have unlimited liability.
- CTend to be small businesses
- DNo continuity
- EProfit is shared
4In limited Partnerships both partners have limited liability
- ATrue
- BFalse
5Which of these are advantages to the franchisee?
Pick one or more.- ACost of support may be high
- BSet-up costs are predictable
- CBack-up support is given
- DFast method of growth
- EStrict contracts have to be signed
6Which describes best an incorporated business?
- Abusinesses where there is no legal difference between the owner and the business
- BWhere the business has separate legal identity from that of its owners
7Which of these are disadvantages to the franchisor?
Pick one or more.- Apotential profit is shared with franchisee
- BCan be an expensive way to start a business
- CPoor franchisees may damage the brand’d reputation
- DFranchisees take most of the risk
8Partnerships are strictly between 2 and 20 people
- ATrue
- BFalse
9A franchisor is the owner who allows franchisees to operate under their name
- ATrue
- BFalse
10Sole traders, partnerships and franchises all have limited liability.
- ATrue
- BFalse
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- Description
- Quiz on Sole traders, partnerships and franchises (chapter 3), created by marcela.leme on 10/12/2014.
- Author
- marcela.leme
- Language
- English
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