Week6(2nd Quarter) Classwork: Partnerships and Cooperatives

Front

Which of the following best describes a partnership? a) A business owned and operated by a single individual, b) A voluntary association of people working for mutual benefit, c) A business owned and operated by two or more people, d) A government-owned entity

Back

A business owned and operated by two or more people

Front

What is a primary advantage of a partnership? Options: a) Limited liability for all partners, b) Ease of raising large amounts of capital, c) Shared decision-making and combined expertise, d) Unlimited profits for silent partners

Back

Shared decision-making and combined expertise

Front

In a general partnership, what type of liability do partners have?

Back

Unlimited liability

Front

What is the key purpose of a cooperative business?

Back

To meet the shared needs of its members

Front

Which of the following is a characteristic of a cooperative?
a) Ownership is determined by the amount of shares held.
b) Each member has one vote, regardless of investment.
c) Cooperatives are always non-profit organizations.
d) Membership is limited to 10 people.

Back

Each member has one vote, regardless of investment.

Front

How are profits typically distributed in a cooperative? Options: a) Based on the number of shares owned, b) Equally among all members, c) According to each member’s level of participation, d) Retained entirely for future investment

Back

According to each member’s level of participation

Front

What is a key disadvantage of a partnership?

Back

Potential conflicts between partners

Front

In which sector are cooperatives most commonly found? Options: a) Manufacturing, b) Agriculture and retail, c) Government services, d) Heavy industries

Back

Agriculture and retail

Front

What is a silent partner in a partnership?

Back

A partner who provides capital but does not participate in management.

Front

Which of the following is a benefit of forming a cooperative?
a) Control is concentrated in the hands of a few members.
b) Members have unlimited liability for debts.
c) Members share the risks and benefits proportionally.
d) High barriers to entry for new members.

Back

Members share the risks and benefits proportionally.