Saharsh Joshi
Quiz by , created more than 1 year ago

9th grade Commerce Quiz on Commerce Quiz, created by Saharsh Joshi on 23/05/2017.

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Saharsh Joshi
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Commerce Quiz

Commerce Quiz

Question 1 of 6

1

What are the characteristics of a sole trader?

Select one or more of the following:

  • Business owned between two to 20 people, known as partners

  • Owned and operated by one entity

  • Less control

  • Business which trades shoes

  • Short hours

  • All the control

  • Unlimited Liability

Explanation

Question 2 of 6

1

What are the chaacteristics of a Partnership

Select one or more of the following:

  • Business owned by 2-20 people

  • Can be law firms

  • Don't suffer losses as bad

  • Can have limited liability or unlimited liability

  • Have to share the profits

  • Less control

  • Consultation opportunities

Explanation

Question 3 of 6

1

What are some characteristics of a Private Company

Select one or more of the following:

  • 1-50 private owners called shareholders

  • A company which is not willing to show their financial statements

  • Massive in size

  • Small to medium in size

  • Unlimited liability

  • Limited Liability

  • Sometimes family owned

  • Has perpetual succession

  • Doesn't have perpetual succession

  • Listed on the stock exchange

Explanation

Question 4 of 6

1

What are Some Characteristics of a Public Company

Select one or more of the following:

  • Limited number of shareholdes

  • Small companies

  • Have perpetual succession

  • Usually listed on Securities Exchange

  • Can be sued

Explanation

Question 5 of 6

1

Perpetual succession is the business concept where if the founder of the business is rendered unable to un the business, then the business will dissolve

Select one of the following:

  • True
  • False

Explanation

Question 6 of 6

1

Select from the dropdown list to complete the text.

A financial statement/( balance sheet, budget sheet, Excel Document ) shows the assets, liabilities, capital. From this we can tell the business' financial position at the time

Explanation

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