Forms of Business Organization

Forms of Business Organization

12th Grade

15 Qs

quiz-placeholder

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Forms of Business Organization

Forms of Business Organization

Assessment

Quiz

Business

12th Grade

Hard

Created by

Daniel Rey Lastrella

Used 25+ times

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15 questions

Show all answers

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.

Sole proprietorship
Partnership
Corporation
Franchise

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