Business Organizations Exit Ticket

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

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

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

• Sole Proprietorship
• Partnership
• Corporation
• Franchise

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

• limited partnership
• trading partnership
• non-trading partnership
• general partnership

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

• limited partnership
• trading partnership
• non-trading partnership
• special partnership

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell

Which of the following is a disadvantage of corporations:

• High taxes
• Unlimited life
• Unlimited liability
• financial power

Which of the following is an advantage of the corporation as a form of business ownership:

• Less complex requirements
• Separate owners and managers
• Limited liability
• High Taxes

The owners of a corporation are called

• Directors
• Partners
• Shareholders
• Founders

Most expensive to start

• Sole Proprietorship
• Partnership
• Corporation