Business Organization Quiz

What is a Sole Proprietorship?

• Owned by two or more people

• Contractual agreement to sell a company’s products or services in a specific geographic area

• A company that does business and has business facilities in many countries

• Owned by one person

What defines a Partnership?

• Owned by two or more people

• Contractual agreement to sell a company’s products or services in a specific geographic area

• A company that does business and has business facilities in many countries

• Owned by one person

What is a Corporation?

• Owned by two or more people

• Contractual agreement to sell a company’s products or services in a specific geographic area

• A company that does business and has business facilities in many countries

• Owned by many people—stockholders, but treated by law as one person

What is a Franchise?

• Owned by two or more people

• Contractual agreement to sell a company’s products or services in a specific geographic area

• A company that does business and has business facilities in many countries

• Owned by one person

What is a Non-Profit organization?

• Owned by two or more people

• Contractual agreement to sell a company’s products or services in a specific geographic area

• A company that does business and has business facilities in many countries

• A business whose goal is to provide a service rather than to make a profit

What characterizes a Multinational company?

• Owned by two or more people

• Contractual agreement to sell a company’s products or services in a specific geographic area

• A company that does business and has business facilities in many countries

• Owned by one person

What type of business is McDonald's?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What type of business is Jim's Barber Shop?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What type of business is a Law Firm typically categorized as?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What type of business is Google?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise