Plan Your Exit Reading Answers

Feb 28, 2024

Plan Your Exit Reading Answers is an IELTS general reading topic. Plan Your Exit Reading Answers have a total of 7 IELTS questions in total. The specified topic generates 1 question type: choose no more than three words. Candidates should read the IELTS Reading passage thoroughly in order to recognize synonyms, identify keywords, and answer the questions below. IELTS reading practice papers, which feature topics such as Plan Your Exit Reading Answers. Candidates can use IELTS reading answers to enhance their performance in the reading section.

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Section 1

Read the Passage to Answer the Following Questions

Plan Your Exit

Do you know how you are going to exit your business? You may have a dream of going public, selling to the highest bidder, or retiring and handing over your business legacy to your family. Big dreams aside, the truth is that many.

Getting Out

You may wish to leave your business for a variety of reasons. For example, you may be ready to retire - if so, congratulations! and you may wish to hand your business to a relative. Or perhaps your business did not live up to your expectations. Whatever the reason, be smart about how you make your exit

Steps to Closing a Business

If you are considering leaving your business below you will find suggested steps to follow in closing your business. Decide to close a business sole proprietors can decide by themselves that they should close.

Selling Your Business

If you decide that selling your business is the right exit strategy for you, be sure that you cover all your bases. In order to sell your business officially, you will need to prepare a sales agreement. This is the key document in...click for more.

Transfer of Ownership

As they say, all good things must come to an end. Maybe you'd like to retire, or maybe it's time to pass the family business to the next generation. For one reason or another, many business owners will face a time when they click for more.

Legal Resources for Operating and Exiting a Business

There are many resources available to help you comply with the basic laws for conducting and exiting a business. Here is just a brief listing of articles that offer general assistance to specialized audiences. Environmental click for more.

Liquidating Assets

If you have decided to get out of business and are not able to pass your business on, merge it with another business, or sell it as a going concern, liquidating the assets could be the most appropriate exit strategy. However, before...click for more.

Filing for Bankruptcy Protection

Deciding to file for bankruptcy can be a painful decision, but you may find yourself in a position with no other options. To protect yourself and your business, educate yourself about this course of action before making the decision....click for more.

Section 2

Solution with Explanation

Questions 8-14

Choose NO MORE THAN THREE WORDS from the text for each answer.

The main document if you want to sell your business is the

Answer: Sales Agreement
Supporting statement: “In order to sell your business officially, you will need to prepare a sales agreement.”
Keywords: sell, business, prepare, sales agreement
Keyword Location: 4th paragraph, 2nd sentence
Explanation: The author clearly states that in order to sell your business, you need to prepare a sales agreement. This is the first step and hence, is the mostar important one. This makes sales agreement the correct answer.

When there are no other options available to you, you will need to

Answer: File for Bankrupcy
Supporting statement: Deciding to file for bankruptcy can be a painful decision, but you may find yourself in a position with no other options.
Keywords: bankruptcy, no other options
Keyword Location: last paragraph, 1st sentence
Explanation: The last paragraph states that when there is no option available, the only option is to file for bankruptcy. This makes bankruptcy the correct answer.

However you decide to exit you will need the legal system.

Answer: to comply with
Supporting statement: There are many resources available to help you comply with the basic laws for conducting and exiting a business..
Keywords: exiting a business, basic laws
Keyword Location: 6th paragraph, 1st sentence
Explanation: The 6th paragraph states that whichever you want to exit the business with, you must comply with basic laws for exiting a business. Hence, “to comply with” is the correct answer.

People who are.............. do not need to consult with others regarding the how to close the business.

Answer: Sole proprietors
Supporting statement: Decide to close a business sole proprietors can decide by themselves that they should close.
Keywords: exiting a business, basic laws
Keyword Location: 3rd paragraph, 2nd sentence
Explanation: The 3rd paragraph clearly states that if a sole proprietor decides to close a business, they can close it by themselves. Hence, they do not need to consult. This makes Sole proprietors the correct answer.

Handing your business over to another person is called a

Answer: Transfer of Ownership
Supporting statement: Maybe you'd like to retire, or maybe it's time to pass the family business to the next generation.
Keywords: pass, next generation
Keyword Location: 5th paragraph, 2nd sentence
Explanation: The 5th paragraph clearly states that if you would like to retire of hand over the business to family or next generation, they must do a transfer of ownership. Hence, transferring business to another person is transfer of ownership.

Going public with your business is, for many people, often no more than....................

Answer: A dream
Supporting statement: You may have a dream of going public, selling to the highest bidder, or retiring and handing over your business legacy to your familybusiness to the next generation.
Keywords: dream, going public
Keyword Location: 1st paragraph, 2nd sentence
Explanation: The 2nd sentence of the first paragraph states that one might have a dream of going public and selling the company to highest bidder. Hence, going public is a dream for many.

Whichever exit strategy you choose you will need.............. it.

Answer: to plan
Supporting statement: If you are considering leaving your business below you will find suggested steps to follow in closing your business.
Keywords: dream, going public
Keyword Location: 3rd paragraph, 2nd sentence
Explanation: The 2nd sentence of the first paragraph states that if you are choosing to leave your business, you must polan and strategize on how to exit. Hence, to plan is the correct answer.