Types of Business Organisations (LC 2026) (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What type of liability does a sole trader have?
What type of liability does a sole trader have?
Unlimited liability
Which form must be completed to become a sole trader?
Which form must be completed to become a sole trader?
Form TR1
Where should a sole trader register a business name?
Where should a sole trader register a business name?
Companies Registration Office (CRO)
Who retains all the profits in a sole trader business?
Who retains all the profits in a sole trader business?
The owner
What level of control does a sole trader have over business decisions?
What level of control does a sole trader have over business decisions?
Full control
What is a disadvantage regarding finance for sole traders?
What is a disadvantage regarding finance for sole traders?
Difficulty securing large finance
What happens to a sole trader's personal assets if the business incurs debts?
What happens to a sole trader's personal assets if the business incurs debts?
They can be used to settle debts
What is an advantage of the sole trader setup process?
What is an advantage of the sole trader setup process?
Easy and inexpensive
What sources of funding are available to sole traders?
What sources of funding are available to sole traders?
Personal savings, loans & small grants
What workload disadvantage do sole traders face?
What workload disadvantage do sole traders face?
Bearing all responsibilities