Business ownership (AQA GCSE Business): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
How many people own a sole trader business?
How many people own a sole trader business?
One person owns the entire business
What type of liability do sole traders have?
What type of liability do sole traders have?
Unlimited liability
Who keeps all the profits in a sole trader business?
Who keeps all the profits in a sole trader business?
The owner keeps all profits
How many people are needed to form a partnership?
How many people are needed to form a partnership?
Two or more people
What document outlines how profits will be shared in a partnership?
What document outlines how profits will be shared in a partnership?
Partnership Agreement
What type of liability do all partners have in a partnership?
What type of liability do all partners have in a partnership?
Unlimited liability for all debts
What is a private limited company considered to be?
What is a private limited company considered to be?
A separate legal entity
What are the owners of a private limited company called?
What are the owners of a private limited company called?
Shareholders
Where can public limited companies sell their shares?
Where can public limited companies sell their shares?
On the stock exchange
What is the minimum share capital required for a public limited company?
What is the minimum share capital required for a public limited company?
£50,000
What is the maximum a shareholder can lose if a limited company fails?
What is the maximum a shareholder can lose if a limited company fails?
Only their initial investment
Which business structures have unlimited liability?
Which business structures have unlimited liability?
Sole traders and partnerships
What must social enterprises do with at least 50% of their surplus?
What must social enterprises do with at least 50% of their surplus?
Reinvest into the enterprise