Bus Ethics & Soc Res-Forms & Nature of Business Organization

Flashcard
•
Business, Philosophy, Life Skills
•
12th Grade
•
Hard
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12 questions
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1.
FLASHCARD QUESTION
Front
Which of the following forms of business organization is the simplest and most common form of business ownership?
Options: Corporation, Partnership, Sole Proprietorship, Limited Liability Company
Back
Sole Proprietorship
2.
FLASHCARD QUESTION
Front
What form of business organization is classified into general and limited?
Back
Partnership
3.
FLASHCARD QUESTION
Front
This form of business organization is for tax purposes, separate entity and is considered a legal person. Name it.
Back
Corporation
4.
FLASHCARD QUESTION
Front
It is a business organization which is similar to a limited partnership. What is it?
Back
Limited Liability Company
5.
FLASHCARD QUESTION
Front
Which of the following statements DOES NOT tell about sole proprietorship? Owner is 100% liable for business debts. It is a business owned and run by someone for their own benefit. Its business’ existence is entirely dependent on the owner’s decisions.
Back
Ownership of proprietorship is easy to transfer.
6.
FLASHCARD QUESTION
Front
What do you call a type of partnership wherein both owners invest their money, property, labor, etc. to the business and both are 100% liable for business debts and that no formal agreement is required? Options: General, Limited, Specific, Unlimited
Back
General
7.
FLASHCARD QUESTION
Front
The following statements tell about limited partnership EXCEPT one. Which one is it?
- It requires a formal agreement between the partners.
- It must also file a certificate of partnership with the state.
- It does not require a formal agreement between the partners.
- It allows partners to limit their own liability for business debts according to their portion of ownership or investment.
Back
It does not require a formal agreement between the partners.
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