Multiple choice questions

I. An unregistered business can still open a business account with any bank in South Africa.

a$.$ Yes, every business starts small.

b$.$ Yes, as long as the owner has his ID document or a valid passport.

c$.$ No$,$ registration is one of the legal requirements for the bank to open an account.

d$.$ No$,$ the owner can only open a provisional bank account pending further submissions.

An unincorporated business includes the following:

a$.$ Partnerships and close corporations

b$.$ Partnerships and private companies

c$.$ Sole traders and public companies

d$.$ Partnerships and sole traders

Which form of business has been widely used to protect the assets of its beneficiaries?

a$.$ Close corporations

b$.$ Co$-$operatives

c$.$ Trusts

d$.$ Private companies

Which of the following deals with the internal arrangements relating to control, admini

tration and any other matters of considerable substance?

a$.$ Memorandum of association

b$.$ Position statement

c$.$ Partnership contract

d$.$ Articles of association

Which of the following employers are exempt from payment of the SDL$?$

a$.$ National and provincial spheres of government

b$.$ Businesses supplying government with essential services and equipment

c$.$ Businesses with foreign ownership

d$.$ Both A & B