FAMB 2 - Quiz 1 (Lecture)

Which of the following is not a service business?

• Clinic

• Restaurant
• Retail Store
• Laundromat

Which of the following is not a merchandising business?

• Walmart
• Amazon
• Microsoft
• Costco

Which of the following is not a manufacturing business?

• Automobile production
• Clothing factory
• Software development
• Food processing

What is a sole-proprietorship?

• A business owned and operated by a single individual
• A business owned by a group of people
• A business owned by a government
• A business owned by shareholders

Which of the following is not an advantage of sole-proprietorship?

• Easy to establish
• Complete control
• Limited liability
• Profit retention

Which of the following is not a disadvantage of sole-proprietorship?

• Limited resources
• Unlimited liability
• Lack of continuity
• Ability to make quick decisions

What is the difference between corporation and cooperative?

• Corporation is owned by shareholders, while cooperative is owned by its members
• Corporation is a business structure where two or more individuals manage and operate a business, while cooperative is a business or organization owned by and operated for the benefit of those using its services.

• Corporation is a type of cooperative
• Cooperative is a type of corporation

Which of the following is not the definition of Partnership?

• A legal form of business operation between two or more individuals who share management and profits.
• A voluntary association of two or more persons to carry on as co-owners a business for profit.
• A business organization in which two or more individuals manage and operate the business.
• A business structure where the owners are responsible for the company's debts.

Which of the following is not a advantage of corporation?

• Limited liability
• Easy transfer of ownership
• Unlimited lifespan
• High taxes and regulations

Which of the following is not true about cooperative?

• Cooperatives are owned and run by their members
• Cooperatives share profits among their members
• Cooperatives are owned by shareholders

• Cooperatives can be of different types like consumer, producer, worker, etc.