1. Which of the following is/are true about the sole trader form of business?

A) A sole trader is liable to pay income tax on his/her earnings
B) Sole traders must register the name of their business with the registrar of companies
C) Sole traders do not need to consult accountants
D) All of the given options



2. Which of the following documents contains offer to subscribe shares?

A) Memorandum of Association
B) Articles of Association
C) Prospectus
D) Statutory Declaration



3. Which of the following are the owners of a partnership business?

A) Proprietors
B) Partners
C) Shareholders
D) Managers



4. In which type of a business, the owner and his business are not considered same in the eyes of law?

A) Sole proprietorship
B) Limited companies
C) Partnership
D) a and c



5. Which of the following forms of business does not protect owners from business creditors?

A) Partnership
B) Sole proprietorship
C) Limited liability company
D) Both a and b