Types of business organisation

A person who takes a risk to produce goods and services in search of profit -

• entrepreneur

• partners

• magistrate

• profiteer

What kind of business is BEST described by these statements?

I am the only owner of my business. 

I take all the risks of doing business. 

I keep all the profits. 

• sole trader

• partnership

• franchise

• joint venture

What is a disadvantage of partnerships?

• ease of formation

• limited liability

• owners share responsibilities

• possibility of personality conflict

Yoon Hye Jin met a senior and fell in love with the guy. When Hong Banjang found out, he became unsound mind causing this business to dissolve. What type of business is this?

• Limited Liability of Partnership

• Partnership Act 1961

• Partnership

• Sole Proprietorship

In which type of organization does one person take all the risks?

• corporation

• monopoly 

• partnership

• sole trader

Which are the disadvantages of a partnership?

• Partnership must be reorganized if one partner quits

• Partners share unlimited liability

• Partners may not get along

• All of these are correct

Which one of the picture is described as franchise?

• 
• 
• 
• 

Which ownership type has unlimited liability (owner has full responsibility for company's debt and can lose entire investment as well  as personal assets).

• Partnership

• Corporation

• Franchise

• Sole trader

Define the term partnership.

Which statement described best for private limited company?

• quick and easy to sell the shares

• can raise very large sum quite easily

• the size of the company usually small

• large number of shareholders