9053365
Description
Quiz by Saharsh Joshi, updated more than 1 year ago
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Created by Saharsh Joshi
over 7 years ago
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Question 1
Question
What are the characteristics of a sole trader?
Answer
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Business owned between two to 20 people, known as partners
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Owned and operated by one entity
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Less control
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Business which trades shoes
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Short hours
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All the control
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Unlimited Liability
Question 2
Question
What are the chaacteristics of a Partnership
Answer
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Business owned by 2-20 people
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Can be law firms
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Don't suffer losses as bad
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Can have limited liability or unlimited liability
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Have to share the profits
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Less control
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Consultation opportunities
Question 3
Question
What are some characteristics of a Private Company
Answer
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1-50 private owners called shareholders
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A company which is not willing to show their financial statements
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Massive in size
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Small to medium in size
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Unlimited liability
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Limited Liability
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Sometimes family owned
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Has perpetual succession
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Doesn't have perpetual succession
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Listed on the stock exchange
Question 4
Question
What are Some Characteristics of a Public Company
Answer
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Limited number of shareholdes
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Small companies
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Have perpetual succession
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Usually listed on Securities Exchange
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Can be sued
Question 5
Question
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
Answer
- True
- False
Question 6
Question
A financial statement/[blank_start]balance sheet[blank_end] shows the assets, liabilities, capital. From this we can tell the business' financial position at the time
Answer
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balance sheet
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budget sheet
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Excel Document
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