$1.$Which business structure is the simplest and involves only one individual?A$)$ PartnershipB$)$ Sole TraderC$)$ Limited CompanyD$)$ Public Company

$2.$Under the Partnership Act $1890,$ what defines a partnership?A$)$ A business run by two family membersB$)$ An informal agreement between two or more peopleC$)$ A business operated by persons with a common profit motiveD$)$ A registered entity with shared ownership

$3.$What type of liability does a sole trader have?A$)$ Limited liabilityB$)$ No liabilityC$)$ Full personal liabilityD$)$ Joint liability

$4.$In a general partnership, each partner has what kind of liability?A$)$ Limited to their investmentB$)$ Joint and several liabilityC$)$ Liability only for their actionsD$)$ No liability

$5.$What type of partnership allows some partners to have limited liability?A$)$ General PartnershipB$)$ Limited PartnershipC$)$ Corporate PartnershipD$)$ Trading Partnership

$\mathrm{.}6.$A Limited Liability Partnership $($LLP$)$ combines elements of which two types of law?A$)$ Criminal and CivilB$)$ Partnership and CompanyC$)$ Public and PrivateD$)$ Commercial and Property$7.$Which of the following business types is created by law as a separate legal entity?A$)$ Sole TraderB$)$ PartnershipC$)$ CorporationD$)$ Franchise

$8.$The most common type of registered company in the UK is a:A$)$ Public Limited CompanyB$)$ Private Limited CompanyC$)$ General PartnershipD$)$ Sole Proprietorship

$9.$In a private limited company, who generally holds ownership?A$)$ General publicB$)$ GovernmentC$)$ ShareholdersD$)$ Directors only$10.$Which type of company is designed for charitable or public interest ventures?A$)$ Limited by SharesB$)$ Limited by GuaranteeC$)$ General PartnershipD$)$ Private Corporation