Business Ownership – Sole trader, LTD, franchise
Business studies
high_school
10 questions
~20 mins
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A comprehensive Business Studies worksheet on Business Ownership – Sole trader, LTD, franchise for high school students. Includes a variety of question types including multiple choice, short answer, and true/false questions.
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Business Ownership – Sole trader, LTD, franchise
Subject: Business studiesGrade: high_school
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Business Ownership – Sole trader, LTD, franchise
Business Studies
Instructions: Read each question carefully and provide your answers. For multiple choice questions, circle the correct option. For short answer questions, write your responses in the space provided. For true/false questions, indicate whether the statement is true or false.
A
Multiple Choice Questions
Select the correct answer for each question.
1.
What is the primary legal status of a sole trader?
AA) Limited liability
BB) Unlimited liability
CC) Partnership
DD) Cooperative
2.
Which of the following is a characteristic of a limited company (LTD)?
AA) Owned by one person
BB) Shares can be sold to the public
CC) Limited liability for shareholders
DD) No legal entity
3.
What is a key advantage of operating a franchise?
AA) Independence in business decisions
BB) Established brand and support
CC) Unlimited liability
DD) High startup costs
4.
Which of the following is a disadvantage of being a sole trader?
AA) Complete control over decisions
BB) Difficulty raising capital
CC) Limited personal liability
DD) Simple tax structure
5.
What type of business ownership allows for shared ownership and management?
AA) Sole trader
BB) Limited Company
CC) Franchise
DD) Cooperative
6.
Which of the following is a common feature of franchises?
AA) Independent branding
BB) Royalty payments to franchisor
CC) Unlimited liability
DD) No operational guidelines
7.
Which business structure is best suited for someone wanting to keep all profits and make independent decisions?
AA) Sole trader
BB) Limited company
CC) Partnership
DD) Franchise
8.
In what situation might a limited company be a more suitable option than a sole trader?
AA) Low startup costs
BB) High-risk business activities
CC) Simple tax requirements
DD) Small scale operations
9.
Which statement about sole traders is true?
AA) They require a formal registration process
BB) They have to file annual accounts
CC) They can employ staff
DD) They are companies by law
10.
What is a disadvantage of a franchise for the franchisee?
AA) Must adhere to the franchisor's rules
BB) Established customer base
CC) Shared advertising costs
DD) Access to training and support
B
True/False Questions
Circle True or False for each statement.
1.
A limited company can raise funds by issuing shares to the public.
2.
Sole traders must file annual accounts with Companies House.
3.
Franchises offer complete independence to the franchisee in their operations.
C
Short Answer Questions
Answer each question in the space provided.
1.
Define what a sole trader is.
2.
List two advantages of being a limited company.
3.
What is a franchise? Provide a brief description.
4.
Explain one disadvantage of being a sole trader.
5.
Identify a suitable business context for a franchise and explain why.
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Details
- Created
- 4/14/2025
- Updated
- 12/29/2025
- Type
- worksheet