3.B Rationale: In a limited company, the owners (shareholders) are separate from the managers of the concern (board of directors).
Pitfalls: Some options look plausible because of the wording. 'Limited' doesn't mean 'only being allowed to trade up to' – but looks as if it might. The second half of the statement about partnerships is true – but this doesn't mean that the first half is also true.
Ways in: You should have been able to rule out A (no company's turnover is limited), C (sole traders do have personal liability for debts: they do not have 'limited liability') and D (ordinary partnerships are different from limited companies).
4.C Rationale: Such an organisation is part of the public sector. The voluntary sector comprises charities and other organisations whose members are volunteers. Private sector comprises non-governmental organisations, such as limited companies.
Pitfalls: Watch out for 'public' and 'private' sector terms – and be able to distinguish clearly between them.
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