Forms of Business Organization
Authored by Tedesha Bagwandeen
Business
10th Grade
Used 3+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which form of business organization does the owner have full control and liability?
Partnership
Sole Proprietorship
cooperative
Franchise
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cooperative business is owned and operated by:
Members
Suppliers
Shareholders
Investors
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a limited liability company (LLC), the owners are called:
Members
Partners
Directors
Shareholders
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partnership is defined as a business owned by:
Shareholders
Members of a board of directors
One person
Two or more individuals
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a disadvantage of a sole proprietorship?
Ease of formation
Difficulty raising capital
Owner keeps all the profit
Decision making is speedy and easily implemented
6.
OPEN ENDED QUESTION
3 mins • 1 pt
Describe the characteristics of a sole proprietor.
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7.
OPEN ENDED QUESTION
3 mins • 1 pt
Explain what a partnership agreement is and why it is important to the partners?
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