Types of Business Ownership

Multiple Choice

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Multiple Choice

This type of business is owned by two or more people.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

This type of business is owned by many people called stockholders.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Nike, Google and Apple are examples of.....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

Multiple Choice

How is a corporation different from a sole proprietorship or partnership?

• A corporation has only one or two owners.

• A corporation is usually owned by one person.

• A corporation requires a legal charter with the state.

• The owners (stockholders) have limited liability.

Multiple Choice

McDonald's and Burger King are examples of....

• Sole Proprietorships
• Partnerships
• Corporations
• Franchises

Multiple Choice

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Multiple Choice

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Advantages of this business include: easier to get money from the bank to start, share skills and share risks.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Advantages of this type of business include: selling stock to raise money, limited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

Multiple Choice

Which type of business allows the owner to keep all of the profit for him/herself?

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

Multiple Choice

Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Multiple Choice

No paperwork (charter or agreement) is required to start which type of business?

• Partnership

• Franchise

• Sole Proprietorship

• Corporation

Open Ended

Now that you have learned more about the types of business ownership, which type appears to be the type that you will start and would you want to grow it into another type? Explain.

Multiple Choice

When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?

• Sole Proprietorship
• Partnership
• Franchise
• Corporation

Multiple Choice

Which business depends on just one person for the skills and talents to run the business?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise