12c Business Structures

Select the business characteristics of the business shown

• Establish business in any way

• Owners share risk

• Liability limited to investment

• Owners share profits

• In search of profits

How many owners does a proprietorship have?

(a)  

Which of the following statements is true about a corporation?

• There are two owners

• Corporations are looking to make a profit

• Owner liability is limited to their investment

• Corporations create new products

Coca-Cola must its profits with shareholders.

What type of business organization is being described?

• Proprietorship

• Corporation

• Partnership

• Entrepreneur

Tim is a baker who owns his own business, pays all the bills, and gets to keep all of the profits.

What type of business organization is being described?

• Proprietorship

• Corporation

• Partnership

• Entrepreneur

Margie and Seth decide to open a landscaping business together. These two owners will share the risks and the profits.

What type of business organization is being described?

• Proprietorship

• Corporation

• Partnership

• Entrepreneur

Which type of business is authorized to act as a legal entity, regardless of the number of owners?

• Proprietorship

• Corporation

• Partnership

• Entrepreneur

Which scenario best describes an entrepreneur?

• Colin has a wood shop and makes tables to sell for money.

• Curtis creates a new type of sports drink and wants to make a profit from it.

• Walmart has a lot of investors and everyone gets a profit.

• Jeremy and Brayden have a jet ski business and share profits.

An entrepreneur can establish their business in what ways?

• Merger

• Proprietorship

• Corporation

• Enterprise

• Partnership

How many owners does a corporation have?

• 1 owner

• 2 owners

• More than 2 owners

• No owners, owned by the government