Principles of accounts

This quiz is about a Sole Trader and its characteristics. Another name for a sole trader is an entrepreneur.

published on May 072 responses 0

A sole trader:

owns his owns business
owns a business with another individual
is owned by more than twenty persons
is owned by more than fifty persons

A sole trader gets capital

from a partner
from shares in a company
from his savings or loan

A sole trader has

Select the two correct answers
limited liability
unlimited liability
no liability
difficulty in accessing a loan

All profits and losses of a sole trader belong to

Select the two correct answers
the owner
the partners
the shareholders
the entrepreneur

The picture below shows a doubles vendor,the type of business can be classified as:

The picture below shows a doubles vendor,the type of business can be classified as:
An entrepreneurship
A Partnership
A Company

One of the disadvantages of operating your own business, such as a hairdressing salon is

One of the disadvantages of operating your own business, such as a hairdressing salon is
Long working hours
A partner to help you
Shareholders to share the workload

another name for sole trader is

Select the two correct answers
Entrepreneur
Partnership
Individual
Entrepreneurship

One advantage of a sole trader is

unlimited liability
Establishing your own business is easy
if the owner dies,the business dies