Business Ownership and Operations Test

Which of the following is a business owned by two or more persons who share the risks and rewards?

• a. partnership

• b. sole proprietorship

• c. cooperative manufacturer

• d. retail producer

Which of the following is a license to run a corporation?

• a. shares of stock

• b. partnership agreement

• c. corporate charter

• d. corporation license

A corporation is controlled by this.

• a. corporate license

• b. Small Business Administration

• c. stocks

• d. board of directors

The American Red Cross is an example of which type of business?

• a. sole proprietorship

• b. partnership

• c. franchise

• d. nonprofit organization

Ocean Spray, an organization owned and operated by cranberry growers is an example of this type of organization.

• a. cooperative

• b. corporation

• c. limited partnership

• d. nonprofit organization

A sole proprietorship is owned by several people.

• True

• False

If you own more than half the stock of a corporation, you get to keep all the profits.

• True

• False

A corporation is owned by the stockholders

• True

• False

A nonprofit organization must pay taxes.

• True

• False