1776363
Description
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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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
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Simple to set up - no legal requirements
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Can offer personal service
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Can exploit economies of scale
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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
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Set-up costs are predictable
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Back-up support is given
-
Fast method of growth
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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
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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
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Can be an expensive way to start a business
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Poor franchisees may damage the brand’d reputation
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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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