ENT PRETEST: TYPES OF BUSINESS OWNERSHIP

Only liable for up to the amount invested into the company, and has little to no voice in management.

• General Partner
• Proprietor
• Limited Partner
• Corporation

What is the most common form of business ownership?

• Corporation
• Company
• Sole Proprietorship
• LLC

What is a form of business ownership in which 2 or more people jointly owns a business

• Sole Proprietorship
• Company
• Partnerships

This type of business is subject to many more laws and are more difficult to form.

• Proprietorship
• Partnership
• Corporation
• Franchise

Owned by one individual.

• Proprietorship
• Partnership
• Corporation
• None of the above

Which of the following is a disadvantage of franchise?

• assistance from a parent company

• name recognition

• shared advertising expenses

• must follow parent company business structure

Which of the following is NOT a type of business ownership?

• partnership

• sole proprietorship

• entrepreneurship

• franchise

Which of the following is a type of business which operates as a separate legal entity?

• corporation

• franchise

• partnership

• sole partnership

A _____ is owned and operated by one individual; an example would be a plumber.

• franchise

• partnership

• sole propietorship

• corporation

What is an entrepreneur?

• A person who is in charge of a specific location.
• A person who works for someone else in order to learn skills.
• A person who organizes and operates a business or businesses.
• None of these