A partnership is a business created by an agreement between:

$($a$)$ Two persons

$($b$)$ More than two persons

$($c$)$ More than two, but not more than $20$ persons

$($d$)$ None of the above

$2.$ Two main types of companies may be distinguished as:

$($a$)$ Private and public companies

$($b$)$ Legal and non$-$legal companies

$($c$)$ Profit and non$-$profit companies

$($e$)$ None of the above

$3.$ A close corporation can be owned by a maximum of:

$($a$)$ One person

$($b$)11$ people

$($c$)7$ people

$($d$)10$ people

$4.$ The most commonly encountered types of business activities are:

$($a$)$ Retailing

$($b$)$ Manufacturing

$($c$)$ Providing services, manufacturing and retailing

$($d$)$ None of the above

$5.$ A sole trader:

$($a$)$ Has perpetual existence

$($b$)$ Has to conform to legal requirements under the Company's Act

$($c$)$ Is not a legal entity

$($d$)$ Has to submit audited reports each year to the registrar

$(52=10)$

$6.$ In break even analysis, costs can be broken into two components, which are:

$($a$)$ Fixed and variable

$($b$)$ Income and expenditure

$($c$)$ Capital and owners equity

$($d$)$ Cost and volume

$($e$)$ None of the above

$7.$Break even$$ refers to the point at which:

$($a$)$ Fixed costs are equal to variable costs

$($b$)$ Total revenue is equal to marginal cost

$($c$)$ Total revenue is equal to total cost

$($d$)$ All of the above

$($e$)$ None of the above

$8.$ When you break even, you:

$($a$)$ Make a small profit

$($b$)$ Make no profit or loss

$($c$)$ Make a small loss

$($d$)$ All of the above