Sole Trader Challenge

Froggy Jumps

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Test your knowledge on the sole trader business model!

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ARGUELLO REYES DENISSE ROSARIO

Ecuador

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Sole Trader Challenge


Froggy Jumps Sole Trader ChallengeOnline version Test your knowledge on the sole trader business model! by ARGUELLO REYES DENISSE ROSARIO 1 What is a sole trader? a An individual running a business on their own. b A partnership of multiple owners. c A type of public limited company. 2 What is one key advantage of being a sole trader? a You keep all the profits from the business. b You have a team to share decisions with. c You have guaranteed financial support. 3 What is a major challenge for sole traders? a They have unlimited liability for business debts. b They have a guaranteed customer base. c They receive a regular salary. 4 What must sole traders do at the end of the financial year? a Register their business with a local authority. b Submit a business plan to the government. c Declare their profits to the government tax office. 5 What is a common difficulty faced by sole traders? a Raising finance to set up and expand the business. b Receiving too much customer feedback. c Having too many employees to manage. 6 What is required for success as a sole trader? a A high level of self-discipline and motivation. b A large team of employees. c A formal business degree. 7 Why might a sole trader feel lonely? a They make all decisions alone without support. b They work in a large office environment. c They have too many customers to manage. 8 What is a benefit of being your own boss? a You have guaranteed job security. b You can make decisions quickly without needing permission. c You can take unlimited vacations. 9 What type of work is often done by sole traders? a Corporate finance and investment banking. b Software development and IT consulting. c Plumbing, decorating, and hairdressing. 10 What can happen if a sole trader's business fails? a They can transfer debts to their employees. b They receive a government bailout. c They can lose their personal possessions.

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Sole Trader Challenge

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Sole Trader ChallengeOnline version

by ARGUELLO REYES DENISSE ROSARIO

What is a sole trader?

What is one key advantage of being a sole trader?

What is a major challenge for sole traders?

What must sole traders do at the end of the financial year?

What is a common difficulty faced by sole traders?

What is required for success as a sole trader?

Why might a sole trader feel lonely?

What is a benefit of being your own boss?

What type of work is often done by sole traders?

What can happen if a sole trader's business fails?