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Types Of Bus Ownership
Test Description: Types of business ownership
Instructions: Answer all questions to get your test result.
1) What is public company?
A
Shares are only available for limited people to buy
B
Company with no directors
C
It is a partnership
D
Shares available for the public to buy
2) A partnership is
A
A company that has shares on the stock market
B
A company that has a partnership with another company
C
When two or more people join to start up a business
D
An organisation with one owner
3) A soletrader is
A
A business owned by one person
B
A business that has a number of shareholders
C
A business that has two or more partners
D
A business that licenses out its image
4) An example of a non for profit organisation is:
A
Woolworth
B
Optus
C
Salvation Army
D
Narellan Town Centre
5) What is the disadvantage of a sole trader type of bus ownership?
A
Keep 100% of profits
B
Unlimited liability
C
Difficult and expensive to set up and operate
D
Be your own boss
6) What is the disadvantage of a company as a type of bus ownership?
A
Unlimited liability
B
Legal responsibility for the debts of other shareholders
C
Limited liability
D
Increased reporting obligations and costs associated with operating
7) What is the advantage of a company as a type of bus ownership?
A
Easy and inexpensive to set up and run
B
Unlimited liability
C
Perpetual succession
D
Lack of opportunities to raise funds
8) What is the advantage of a partnership?
A
Ceases to exist once one partner dies
B
Extensive reporting obligations
C
High costs to start up and maintain
D
Easier to raise capital
9) True or false: a limited company must have share capital
A
True - this is the major difference between a company and a sole trader/ partnership
B
False - a company can be limited by guarantee
10) Proprietary companies are classified into small and large
A
False
B
True
*select an answer for all questions
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