Forms of Business Organization Vocabulary Quiz

A business owned and operated by one person is a

• partnership

• sole proprietorship

• corporation

• conglomerate

An organization of workers formed to represent its members' interest in various employment matters is a

• board of directors

• charter

• general partnership

• labor union

A company ceases to exist when the owner dies, quits or sells the business is

• limited life

• unlimited liability

• a vertical merger

• a horizontal merger

The owner is personally financial responsible for the business. This is a major disadvantage of sole proprietorships and partnerships.

• limited life

• franchise

• unlimited liability

• cooperative

The bottom line, a more comprehensive measure of a company's profits is

• cash flow

• stock

• bond

• charter

A business owned and controlled by 2 or more people is a

• conglomerate

• partnership

• sole proprietorship

• corporation

The type of partnership in which partners have equal decision making authority is a

• limited partnership

• Batman Robin partnership

• corporation

• general partnership

The type of partnership in which at least one partner rarely takes and active role in business decisions is a

• general partnership

• conglomerate

• labor union

• limited partnership

A form of business that is recognized by law as a separate legal entity and is treated like an individual is a

• partnership

• corporation

• charter

• sole proprietorship

A company that has at least 4 businesses that sell unrelated products is a

• partnership

• general partnership

• conglomerate

• labor union