WorksheetsForms of Ownership
Total questions: 15
Worksheet time: 5mins
Name
Class
Date
1.
We discussed _____ forms of ownership for starting a new business.
a)
1
b)
2
c)
3
d)
4
2.
Two companies join to complete a specific project
*ends after a specific period of time
*ends after a specific period of time
a)
General partnership
b)
Limited partnership
c)
Joint venture
d)
Strategic Alliange
3.
This form of ownership is owned/operated by a single person
a)
Sole Proprietor
b)
Partnership
c)
Corporation
d)
Franchise
4.
More people in the world start corporations than sole proprietorships
a)
True
b)
False
5.
The debts of the business may be paid from the personal assets of the owner
a)
Safety net
b)
Limited Liability
c)
Corporate Stock
d)
Unlimited Liability
6.
Disadvantage of a Sole Proprietorship:
a)
Inexpensive to create
b)
Make your own decisions
c)
Least regulated
d)
Unlimited liability
7.
Two businesses work together for mutual benefit.
a)
General partnership
b)
Limited partnership
c)
Joint venture
d)
Strategic Alliance
8.
Top advantage of Sole Proprietorship
a)
Owner receives all profit
b)
Difficult to raise capital
c)
Long hours
d)
Work by yourself
9.
When both partners have unlimited personal liability and take full responsibility
a)
General Partnership
b)
Limited Partnership
c)
Joint venture
d)
Strategic Alliance
10.
Business ownership in which 2 or more people share assets, liabilities, and profit
a)
Sole Proprietor
b)
Partnership
c)
Corporation
d)
Franchise
11.
Advantage of a Partnership
a)
Easier to raise capital
b)
Share profit
c)
Legally responsible
d)
Unlimited liability
12.
A business that is chartered by a state and legally operates apart from its owners
a)
Sole Proprietor
b)
Partnership
c)
Corporation
d)
Franchise
13.
Alternative approach for starting a company
a)
Sole proprietor
b)
Partnership
c)
Corporation
d)
Franchising
14.
A legal agreement
a)
Franchisee
b)
Franchise
c)
Franchisor
d)
Initial franchise fee
15.
A person who purchases a franchise
a)
Franchise
b)
Franchisee
c)
Franchisor
d)
Initial Franchise Fee
100 %
