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Forms of Business Organization

Authored by Merlin Magtalas

Business

12th Grade

Used 43+ times

Forms of Business Organization
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tony and Alex own a saloon together. They share equal responsibility and each receive 50% of the profits. What form of business organization is this?

Sole Proprietorship

Partnership

Corporation

Cooperative

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose or objective of business?

earn profit

create job

help other people

none of the choices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is a general partnership organized?

Every partner shares equally in both responsibility and liability

The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership

No partner is responsible for the debts of the partnership beyond his or her investment

Only one partner is responsible for the debts of the partnership

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Sole Proprietorship

Partnership

Corporation

Cooperative

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partnership in which all partners assume full personal liability for debts of the firm

limited partnership

trading partnership

non-trading partnership

general partnership

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Partners who are only responsible up to the extent of their investment

limited partnership

trading partnership

non-trading partnership

general partnership

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owners of a corporation are called

Directors

Partners

Shareholders

Founders

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