671772
Description
Quiz by James HERSH, updated more than 1 year ago
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Created by James HERSH
about 10 years ago
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|
Question 1
Question
What are the advantages of a Sole Trader.
Answer
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Easy to Set Up
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You get to be your own boss
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Working Longer Hours
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You decide what happens to profit
Question 2
Question
How many people are needed to form a partnership?
Answer
-
2
-
3
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1
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2-20
Question 3
Question
Which is an advantage of having a Limited company?
Answer
-
Limited Liability
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Unlimited Liability
Question 4
Question
Sole Traders have ______________ liability
Answer
-
Unlimited
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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
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Deed of Partnership
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Profits are shared equally
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Document
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Profits are invested into the business
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Certificate of Incorporation
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Companies Act 1985
Question 6
Question
Partnerships have ______________ Liability.
Answer
-
Unlimited
-
Limited
Question 7
Question
What are sleeping partners?
Answer
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Partners who work during the night while others are asleep
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Partners who invest money into the business but are not actively involved in it
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Retired Partners
Question 8
Question
Sleeping Partners have _________________
Answer
-
Limited Liability
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Unlimited Liability
Question 9
Question
Limited Companies are owned by at least__________ shareholders
Answer
-
1
-
2
-
3
-
4
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5
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10+
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20+
Question 10
Question
With Private Limited Companies. Shares are sold_________________________________who__________________________________. They receive___________ in return.
Answer
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privately to friends and family
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invest into the business.
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discounts
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Dividends
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Publicly on the stock market
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purchase products from the business
Question 11
Question
All shareholders have ________________ liability.
Answer
-
Limited
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Unlimited
Question 12
Question
Each shareholder has some control of the business, they vote annually for____________________________.
Answer
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Directors at AGMs
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New products/services for the company to offer
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how much dividends they receive
Question 13
Question
What information is needed to register a company. (Limited Companies)
Answer
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A Memorandum of Association
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Articles of Association
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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
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a document giving the name, address, activity and shares of the company.
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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.
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a document giving the name, address, activity and shares of the company.
Question 17
Question
What does Unlimited liability mean
Answer
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The owner/s are responsible for all the debts of the business. Risk: Own Possessions.
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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 ____________________
Image:
CH_TL_keyline (image/jpg)
Answer
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certificate of incorporation
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memorandum of association
Question 19
Answer
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is a document containing information about shares
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a list of products/services a company offers
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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
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Limited (Private)
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Limited (Public)
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Sole Trader
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Partnership
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