Business Ownership Pre/Practice Test

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

What is the name of a person who owns part of a corporation?

• Stakeholder
• Shareholder
• Trust Agent
• Chairman

What type of corporation combines the benefits of a partnership and a corporation?

• Limited Liability Company
• Trust
• Company

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

• Proprietorship
• Partnership
• Corporation
• Franchise

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

• Proprietorship
• Partnership
• Corporation
• Franchise

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

___________ are words, symbols, names or devices used to specify the source of the goods, and are used to differentiate them from others.

• copyrights

• patents

• licenses

• trademarks