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Forms of Ownership

Authored by Lynnette Grange

Business

10th Grade

Used 39+ times

Forms of Ownership
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which form of ownership typically involves a single individual owning and managing the business?

Close Corporation

Sole Proprietorship

Partnership

Personal Liability Company

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Who makes decisions in a Sole Proprietorship? 

 The Board of directors 

The Members

The Shareholders 

The Owner 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a Sole Proprietorship, who receives all the profits and is responsible for all the decisions and debts?

The government

The individual owner

The shareholders

The members

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Which of the following is a CHARACTERISTIC of a Sole Proprietorship? 

Limited liability 

Separate legal entity 

Unlimited liability

Dual taxation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an ADVANTAGE of a Sole Proprietorship?

Separate legal entity.

Ease of decision-making.

Access to capital through loans.

Limited liability protection for the owner.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Which of the following is a DISADVANTAGE of a Sole Proprietorship? 

Unlimited liability 

Limited control 

Access to capital 

Shared decision-making

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which form of ownership typically involves a formal agreement between two or more individuals?


Franchise

Close Corporation

Partnership

Sole Proprietorship 

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