Own It Your Way Quiz

Which type of business ownership generates the most sales in the US?

• o corporation
• o Sole Proprietorship
• o Nonprofit
• o Partnership

Tom works as a computer consultant on his own. He obtains and services his customers, and handles all billing and collections. What form of ownership is Tom’s business?

• o partnership
• o sole proprietorship
• o corporation
• o nonprofit

Name the form of business ownership that is considered an “artificial being.”

• o corporation
• o partnership
• o nonprofit
• o sole proprietorship

A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)

• o nonprofit
• o sole proprietorship
• o corporation
• o partnership

If Jane is an owner of Microsoft, she is called a __________.

• o shareholder or stockholder
• o Principal
• o Partner
• o Member

Janet had to sell her car and vacation condo to pay her business debts. Janet’s situation is an example of:

• limited liability
• unfair business practices
• double taxation
• unlimited liability

Name the type of corporation which operates to accomplish a specific mission—other than to earn income.

• Subchapter "S" or "S"
• C Corporation
• Open
• Nonprofit

The purpose of forming partnerships is often to combine capital, experience, and

• increase personal control
• abilities
• friendship
• increased liability

Gene invested $8,000 in his cousin’s sports equipment business. He didn’t participate in the day-to-day business activities. This is an example of a(n) __________ partnership.

• general
• limited
• open
• closed

The form of ownership affects the business owner’s control, liability, and __________.

• Fixed Assets
• Sales
• Taxation
• Inventory