EMS Grade 8 Question Preview (ID: 42552)

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Who is a Sole Trader
a) Person that starts a Business with his friends
b) Person who starts a business for someone else
c) A person who starts his own Business usually trading under their own name
d) Neither

Entrepreneurs often operate as sole traders
a) False
b) Maybe
c) True
d) Neither

Informal Sector (Sole trader)
a) Sell fruit on the side of the road
b) Makes shoes on the side of the road
c) Neither
d) All

Service Business to the community
a) Attorney
b) Doctor
c) Dentist
d) All

Characteristics of Sole Trader
a) Only Owner
b) Uses own money as Capital
c) Can borrow money from the Bank to start business
d) All

Characteristics of Sole Trader
a) Legal entity
b) Own is legally responsible for the debt of the company
c) Owner responsible to pay Tax in PERSONAL capacity and not as a BUSINESS
d) All

Disadvantages of Sole Trader
a) Not enough money to start business. All management is the owner's responsiblity
b) Business can continue running until the person dies
c) The liability is unlimited cause they ARE the business
d) All

Advantages Sole Trader
a) Owner can make decisions quickly and adapt to change quickly. Build good relationships with customers
b) Gets all the Profits (moola)
c) Easy to transfer ownership. Son takes over the business
d) All

Ledger account
a) Left side called - debit side
b) Right side called - credit side
c) Each debit entry needs a Credit entry
d) All

An account is
a) The place in the books of a company
b) Monetary vales of transactions are entered
c) This is called ledger account
d) All

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