Some examples from this set of practice questions
1.
What is a sole trader
Answer: A sole trader is a business that is owned and run by a single person and there is only one owner but they may have employees working for them
2.
Does sole traders have limited or unlimited liability
Answer: Sole traders have unlimited liability and the owner is responsible for the debts of the business
3.
What is unlimited liability
Answer: When the business owner or owners are responsible for all the debt of the business
4.
What are some advantages of sole traders
Answer: Advantages of sole traders: -Quick and easy to set up -Low setup cost -Business owner has a lot of control over the business and money
5.
What are some disadvantages of sole trading
Answer: Disadvantages of sole trading: Risk of unlimited liability Involves long working hours and stressful condition High level of responsbility from the owner
6.
What are patnerships
Answer: A patnership is a type of business that has between 2 and 20 owners that decide to set up and run a business between them
7.
What is Deed of Patnership
Answer: A document that is signed by all of the owners of a business setting out the terms they must follow
8.
What are some advantages of a patnership
Answer: Some advantages of patnership include: More capital available to invest, Partners bring more skills and ideas and shared responsbility for debt by the owners
9.
What are some disadvantages of a partnership
Answer: Some disadvantages of a partnership include: Profit have to be shared between the owners, conflict between owners can occur,One partner may let others down by not upholding their responsbility
10.
What is the full form of LTD
Answer: Private limited company
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller rehan2758. Stuvia facilitates payment to the seller.
No, you only buy these notes for $7.68. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
89675 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
