BUSINESS ORGANIZATIONS

The kind of business in which the owner bears all the risks and takes all the profit is called

• partnership

• joint-stock company

• private limited company

• sole proprietorship

A business owned by two and not more than twenty persons (except in certain professions) is called

• sole proprietorship

• private limited company

• partnership

• public limited company

Which of the following is not a source of capital to a sole trader?

• Bank loans

• Funds from shares sold to members of the public

• Loans from relatives

• retained profit

The two types of partnership are

• fixed and rotational partnership

• profitable and unprofitable partnership

• ordinary and limited partnership

• passive and active partnership

A partner who contributes capital but takes no part in managing the partnership business is called

• dominant partner

• active partner

• dormant partner

• limited partner

If there is no written partnership agreement between members in a partnership, the business will be governed by

• partnership document

• decree

• Partnership Act 1890

• oral agreement

The Nigerian Companies Act is called

• Corporate Affairs Commission

• Nigerian Act for Companies Regulation

• National Act for Companies Regulation

• Companies and Allied Matters Act

The letters PLC written after a company's name is called

• private limited company

• private liability company

• public limited company

• public liability company

Which of the following is not an advantage of a limited company?

• Continuity even if a shareholder dies

• Separate existence from its owners

• Exemption from paying tax to the government

• Right to own assets

Trading of the shares of some Nigerian public limited companies take place at the

• money market

• commodity market

• stock exchange market

• supermarket