Business Ownership Quiz

Which of the following forms of business ownership provides limited liability protection to its owners?

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

A sole proprietorship must be registered with which government entity in the Philippines?

• Securities and Exchange Commission

• Department of Trade and Industry

• Cooperative Development Authority

• Bureau of Internal Revenue

In a partnership, the partners share liabilities, profits, and management responsibilities according to the terms of what?

• Corporation Act

• Securities Regulation Code

• Partnership Agreement

• Cooperative Code

Which type of partner is involved in the management of the partnership and is liable for debts up to their personal assets?

• Silent Partner

• General Partner

• Limited Partner

• Industrial Partner

What is the primary purpose of a Credit Cooperative?

• To sell products to members at lower prices

• To provide production inputs to its members

• To promote thrift and savings among members and grant loans

• To provide medical services to the community

What is the greatest disadvantage of a sole proprietorship?

• Unlimited personal liability

• Difficulty in dissolving the business

• Excessive tax privileges

• Complex organizational structure

Which form of business organization typically enjoys government tax privileges in the Philippines?

• Corporation

• Sole Proprietorship

• Cooperative

• Partnership

What is one of the advantages of a partnership?

• Unlimited liability for all partners

• Limited access to capital

• Easy transfer of ownership

• Complementary skills of partners

Which of the following is a characteristic of a Cooperative?

• Single person ownership

• Voluntary and open membership

• Unlimited liability for members

• Complex registration process

Which business form is subject to the most stringent government regulations?

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative