DEMC1073 QUIZ 1 JANUARY 2024

Which of the following is NOT a type of business ownership?

• Partnership

• Sole proprietorship

• Entrepreneurship

• Company

Which of the following is defined as a business which is owned and operated by one individual?

• Partnership

• Sole proprietorship

• Company

• Franchise

Which business structure is often used by large companies with multiple shareholders?

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Company

Which business structure requires a formal agreement between the owners?

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Company

Law firms and doctor's offices are examples of.....

• Partnerships

• Franchises

• Corporations

• Corporations

Nike, Google and Apple are examples of.....

• Franchises

• Partnerships

• Corporations

• Sole Proprietorships

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership

• Franchise

• Corporation

• Sole Proprietorship

“To form my business, I used all of my savings and borrowed from the bank, and I’m personally liable for all of the debts.” This is an example of which of the following forms of business ownership:

• Cooperative

• Sole proprietorship

• Corporation

• Corporation

John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert’s expertise is selling, and Charles’ expertise is management. However, each has limited capital. The ideal business ownership for these young men is a

• merger.

• franchise.

• partnership.

• corporation.

It is the only business entity that can promote art, science, religion, charity and pension schemes.

• Public Limited Company

• Private Limited Company

• Company Limited by Guarantee

• Unlimited Company