3.1 Buisness Organizations

What is a sole proprietorship?

• A business owned by a group of people

• A business owned and managed by a single individual

• A business owned by the government

• A business owned by a corporation

What type of businesses are most common in the U.S. today?

• Agricultural businesses

• Manufacturing businesses

• Service-related businesses

• Retail businesses

How many categories do partnerships fall into?

• Two

• Three

• Four

• Five

In a general partnership, how do partners share responsibility and liability?

• One partner has all the responsibility

• Partners share equally

• Only the manager is responsible

• No one is responsible

What is required in a limited partnership?

• All partners must be general partners

• Only one partner is required to be a general partner

• No partners are needed

• Two partners must be general partners

What is a newer type of partnership called?

• General Partnership

• Limited Partnership

• Limited Liability Partnership

• Unlimited Partnership

What is a corporation?

• A type of fruit

• A legal entity owned by stockholders

• A kind of animal

• A type of car

What do stocks represent?

• A stockholder’s portion of ownership

• A type of food

• A kind of music

• A type of clothing

What is a publicly held corporation?

• A corporation that buys and sells its stock on the open market

• A corporation that sells food

• A corporation that makes toys

• A corporation that builds houses

What are dividends?

• Money paid regularly to stockholders

• A type of candy

• A kind of dance

• A type of book