Forms of Business Organization
Quiz
•
Business
•
12th Grade
•
Hard
Daniel Rey Lastrella
Used 25+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is an artificial being created by the operation of law, having right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called_________.
Cooperative
Corporation
Partnership
Sole Proprietorship
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
A document which includes the name, objectives, powers, and registered address of a corporation is called ______.
Constitution of Corporation
By-laws of corporation
Articles of Incorporation
Articles of Partnership
3.
MULTIPLE CHOICE QUESTION
10 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
4.
MULTIPLE CHOICE QUESTION
20 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
5.
MULTIPLE CHOICE QUESTION
10 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
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The owners of a corporation are called
Directors
Partners
Shareholders
Founders
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The type of business ownership in which all business decisions are the sole responsibility of the owner.
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