Types Of Bus Ownership Question Preview (ID: 8826)

Types Of Business Ownership.[print questions]

What is public company?
a) Shares available for the public to buy
b) It is a partnership
c) Shares are only available for limited people to buy
d) Company with no directors

A partnership is
a) When two or more people join to start up a business
b) An organisation with one owner
c) A company that has a partnership with another company
d) A company that has shares on the stock market

A soletrader is
a) A business owned by one person
b) A business that licenses out its image
c) A business that has two or more partners
d) A business that has a number of shareholders

An example of a non for profit organisation is:
a) Salvation Army
b) Woolworth
c) Optus
d) Narellan Town Centre

What is the disadvantage of a sole trader type of bus ownership?
a) Unlimited liability
b) Be your own boss
c) Keep 100% of profits
d) Difficult and expensive to set up and operate

What is the disadvantage of a company as a type of bus ownership?
a) Increased reporting obligations and costs associated with operating
b) Unlimited liability
c) Legal responsibility for the debts of other shareholders
d) Limited liability

What is the advantage of a company as a type of bus ownership?
a) Perpetual succession
b) Unlimited liability
c) Easy and inexpensive to set up and run
d) Lack of opportunities to raise funds

What is the advantage of a partnership?
a) Easier to raise capital
b) High costs to start up and maintain
c) Extensive reporting obligations
d) Ceases to exist once one partner dies

True or false: a limited company must have share capital
a) False - a company can be limited by guarantee
b) True - this is the major difference between a company and a sole trader/ partnership

Proprietary companies are classified into small and large
a) True
b) False

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