Quiz in Organization and Management

The followings are the disadvantages of Corporation except ONE.

• Incorporation requires more time and money that other forms of organization.

• Monitored by federal, state and some local agencies.

• May result in higher overall taxes.

• May deduct the cost of benefits it provides to offices and employees.

Which of the following is advantage of Corporation?

• Can raise additional funds through the sale of stock.

• Requires more time and money than other forms of organization.

• Processes of paperwork to comply with the regulation.

• All of the above

Which of the following is CORRECT about Sole Proprietorship?

• Not easiest and highly expensive form of ownership to organize.

• The business is easy to dissolve, if desired.

• Cannot control within the parameters of the law.

• Profits from the business are divided into the employees.

The following are the advantages of partnership except ONE.

• The Business usually will benefit from partners who have complementary skills.

• With more than one owner, the ability to raise funds may be increased.

• Partners are jointly and individually liable for the actions of the other partners.

• Prospective employees may be attracted to the business if given the incentive to become partner.

. It means that most of the partners have limited liability, as well as limited input regarding management decision.

• Abundant

• Unlimited

• Single

• Limited

Which of the following are disadvantages of Sole Proprietorship?

• Have limited liability and are legally responsible for all debts against the business.

• Some employees benefits such as owner's medical insurance premiums are not directly deductible from business income

• Have a hard time attracting high-caliber employees

• All of the above

. It is registered in the same manner as other corporations with the SEC, except that it is composed of only one person, just like a sole proprietorship.

• One Person Corporation

• Partnership

• Double Person Corporation

• Cooperative

Republic Act 9520 also known as:

• Philippine Cooperative Code of 2008

• Philippine Cooperative Code of 2009.

• Philippine Corporation Code of 2008

• Philippine Corporation Code of 2009

SEC stands for:

• Securities and Exchange Corporation

• Security and Exchange Commission

• Securities and Exchange Commission

• Security and Exchange Corporation

Which of the following is a form of business which has unlimited liability. Creditors may proceed not only against the assets and property of the business, but also after the personal properties of the owner.

• Corporation

• Sole Corporation

• Partnership

• Sole proprietorship