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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
Company with no directors
B
Shares are only available for limited people to buy
C
It is a partnership
D
Shares available for the public to buy
2) A partnership is
A
An organisation with one owner
B
When two or more people join to start up a business
C
A company that has a partnership with another company
D
A company that has shares on the stock market
3) A soletrader is
A
A business that licenses out its image
B
A business owned by one person
C
A business that has two or more partners
D
A business that has a number of shareholders
4) An example of a non for profit organisation is:
A
Woolworth
B
Narellan Town Centre
C
Optus
D
Salvation Army
5) What is the disadvantage of a sole trader type of bus ownership?
A
Be your own boss
B
Unlimited liability
C
Keep 100% of profits
D
Difficult and expensive to set up and operate
6) What is the disadvantage of a company as a type of bus ownership?
A
Legal responsibility for the debts of other shareholders
B
Unlimited liability
C
Increased reporting obligations and costs associated with operating
D
Limited liability
7) What is the advantage of a company as a type of bus ownership?
A
Perpetual succession
B
Easy and inexpensive to set up and run
C
Unlimited liability
D
Lack of opportunities to raise funds
8) What is the advantage of a partnership?
A
Ceases to exist once one partner dies
B
High costs to start up and maintain
C
Extensive reporting obligations
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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