Forms of Business Ownership -QUIZ 10/6/21

This form of business ownership the OWNER is the boss and makes all the business decisions and keeps all the profits.

• Partnership

• Sole Proprietorship

• Corporation

• Cooperative

What are the OWNERS of a

corporation called?

• Sole Proprietors

• Partners

• Shareholders/Stockholders

• Board of Directors

While these businesses are relatively easy to start,

they require A LOT of capital

and are often very competitive.

• Sole Proprietorship

• Corporation

• Franchise

• Cooperative

What percentage % of businesses are "Sole Proprietorships"

• 100%

• 90%

• 70%

• 50%

This form of business ownership may be owned by several people called shareholders/stockholders.

• Franchise

• Sole Proprietorship

• Partnership

• Corporation

The advantages of a "Franchise" include the following EXCEPT

• Easy to start

• Already have a well known product or service

• Management advice and marketing from parent company

• Must pay royalty fees back to parent company

WHO do stockholders elect in a corporation to oversee the operations of the business?

• Franchisee

• Board of Directors

• CEO

• Sole Proprietorship

The advantages of a "Sole Proprietorship" are all of the following EXCEPT:

• Easy to Start

• Control over Profits

• Unlimited Liabilities

• Lower taxes

All of the following are "disadvantages" of of a Sole Proprietorship EXCEPT:

• Easy to start up

• Lower Taxes

• Difficult to raise capital (money)

• Control over profits

Which of the following is NOT a Franchise, but a "Corporation"

• Papa John's Pizza

• KFC

• McDonald's

• NIKE