Quiz To Test Your Knowledge Of Business Ownership!

8 Questions | By Hm00007 | Last updated: Mar 21, 2022 | Total Attempts: 862

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A multiple choice quiz to test your knowledge of business ownership!

Questions and Answers

1.

Which of these companies is a franchise?
- A.
  
  New Look
- B.
  
  Zeb's
- C.
  
  Subway
- D.
  
  Odeon Cinema
2.

Which of these is not a benefit of franchising?
- A.
  
  The franchisee benefits from national advertising
- B.
  
  Allows an individual to start up a business with less risk involved
- C.
  
  You have to follow the rules and standards of the franchise, there is less flexibility for you to do what you want
- D.
  
  You benefit from the reputation of the franchise
3.

What is the maximum number of people that can be involved in a partnership?
- A.
  
  1-20
- B.
  
  1-40
- C.
  
  1-60
- D.
  
  1-80
4.

Which form of ownership is 'Matthew & Bragg Solitictors' likely to come under?
- A.
  
  Sole Trader
- B.
  
  Partnership
- C.
  
  Franchise
- D.
  
  Private Limited Company (Ltd)
5.

Which of these is the correct definition for Unlimited Liability?
- A.
  
  The owners are not liable for the firms debt and will only lose the amount they initially invested
- B.
  
  The owners are personally liable for the firms debt and may have to pay them out of their own pocket
6.

Which of these forms of ownership has Unlimited Liability?
- A.
  
  Sole Trader
- B.
  
  Charities
- C.
  
  Private Limited Company (ltd)
- D.
  
  Public Limited Company
7.

Why is it benefical for a company to have Limited Liability?
- A.
  
  It means they can keep all their profits
- B.
  
  If the company goes bust they do not have to repay debts out of their own pocket
- C.
  
  Because if you have unlimited liability you have to pay the debts back yourself
- D.
  
  Because your staff will like you more
8.

Which of the following is a reason why sole traders are successful?
- A.
  
  They can offer a personalised, specialist service that meets the needs of their customers
- B.
  
  Because unlimited liability is a 'protection' against debt
- C.
  
  Because partnerships mean you can share the workload so you do what you're best at
- D.
  
  Because you benefit from the marketing done by the franchiser