Types/Forms of Business

A hybrid business is one that can be classified as a combination of more than one type of business.

• True
• False

The three main type of businesses are:

• service, manufacturing, & hybrid
• service, manufacturing, & LLC's
• service, manufacturing, & merchandising
• manufacturing, merchandising & hybrid

A _________________________ business combines raw materials, labor, and factory overhead into the production of products.

• merchandising
• manufacturing
• sole proprietorship
• partnership

A sole proprietorship business can be owned by more than one person.

• True
• False

A corporation's ownership is represented by ______________________.

• corporation papers
• the partners in the business
• shares of stock
• customers using their services

LLC stands for Limited Language Corporation.

• True
• False

A cooperative is a business owned by a grou of individuals and is opeated for their mutual benefit.  The persons making up the group are called ________.

• shareholders
• partners
• owners
• members

In limited partnerships (LLC's), creditors cannot go after the assets of the owners.

• True
• False

A hair salon could be a sole proprietorship, a partnership, or a corporation.

• True
• False

A restaurant that makes meals (manufacturing), sells BBQ sauce (merchandising), and fills customer orders (service) is what type of business?  Best answer.

• manufacturing
• merchandising
• service
• hyrbrid