Organization and Stakeholders

Question 1

What are the main types of organisations in ACCA?

Answer 1

The main types of organisations in ACCA are sole traders, partnerships, limited liability companies, and non-profit organisations.

Question 2

True or False: A sole trader has unlimited liability.

Answer 2

True

Question 3

Fill in the blank: In a __________, two or more individuals share ownership and management responsibilities.

Answer 3

partnership

Question 4

What type of organisation limits the personal liability of its owners?

Answer 4

Limited liability companies

Question 5

Multiple Choice: Which of the following is NOT a characteristic of a non-profit organisation? A) Profit distribution to owners B) Charitable purpose C) Tax-exempt status

Answer 5

A) Profit distribution to owners

Question 6

What is the primary goal of a non-profit organisation?

Answer 6

To serve a social or charitable purpose rather than to make a profit.

Question 7

True or False: Partnerships can have limited and unlimited partners.

Answer 7

True

Question 8

What is one advantage of forming a limited liability company?

Answer 8

Owners are protected from personal liability for business debts.

Question 9

Fill in the blank: A __________ is a business owned and operated by a single individual.

Answer 9

sole trader

Question 10

Short Answer: Name one disadvantage of being a sole trader.

Answer 10

Unlimited liability.