1) A sole trader has no one to share responsibility with – it will be stressful! a) Advantage b) Disadvantage 2) It can be very difficult for a sole trader to take time off as there will be nobody to cover for you. a) Advantage b) Disadvantage 3) It is quick, easy and cheap to set up a sole trader business. a) Advantage b) Disadvantage 4) You can take holidays whenever you want if you are a sole trader. a) Advantage b) Disadvantage 5) You will have to work long hours as a sole trader. a) Advantage b) Disadvantage 6) You get to make all the decisions as a sole trader. a) Advantage b) Disadvantage 7) You get to be your own boss as a sole trader.  a) Advantage b) Disadvantage 8) It can be hard to raise money to invest into the business all by yourself as a sole trade. . a) Advantage b) Disadvantage 9) You can choose your own working hours as a sole trader. a) Advantage b) Disadvantage 10) You have unlimited liability as a sole trader. You are completely responsible to pay people back if the business falls into debt. a) Advantage b) Disadvantage 11) You get to keep all the profits as a sole trader.  a) Advantage b) Disadvantage 12) You can share decision making with your partners as a partnership. a) Advantage b) Disadvantage 13) More money can be invested into the business compared to a Sole Trader. a) Advantage b) Disadvantage 14) Profits must be shared between partners in a partnership. a) Advantage b) Disadvantage 15) You have unlimited liability as a partnership. You are completely responsible to pay people back if the business falls into debt. a) Advantage b) Disadvantage 16) You can share the work and responsibilities with your partners in a partnership, so it is less stressful! a) Advantage b) Disadvantage 17) Each partner will bring different skills to the business. a) Advantage b) Disadvantage 18) There could be arguments between partners due to disagreements – this can slow down decision making! a) Advantage b) Disadvantage 19) It is easier to take time off or go on holiday in a partnership, because there will be another partner there to cover for you. a) Advantage b) Disadvantage 20) Business is the best subject in the school. a) True b) False

SOLE TRADER & PARTNERSHIPS 1P2

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