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1. Only one of the following statements about the sole trader form of business is correct: a) Sole traders do not need to consult accountants. b) A sole trader is liable to income tax on his/her earnings. c) A sole trader is not required to pay National Insurance contributions. d) Sole traders must register the name of their business with Companies House.
2. One of the following statements about sole trader businesses is incorrect: a) The sole trader form of business is easy to set up. b) Sole traders are personally responsible for the liabilities of the business. c) Sole trader businesses are obliged to make their accounts available to the general public. d) A sole trader is entirely responsible for the management of his/her business.
3. Only one of the following statements about the partnership form of business is correct: a) Partnerships must make their accounts available to the general public. b) Partners are personally liable for the liabilities of the business. c) Partners must share their profits in equal shares between them. d) Partnerships are invariably very small businesses.
4. One of the following statements about the partnership form of business is incorrect: a) A partnership is a business run by two or more people. b) Each partner is liable under the law for the actions of his or her partners. c) A partnership business is not difficult to set up. d) Partnerships are liable to corporation tax on their profits.
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