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WorksheetsEcon 3-2 Business Organizations
Total questions: 14
Worksheet time: 8mins
Name
Class
Date
1.
Disadvantages include unlimited liability, difficult to raise financial capital, difficulty attracting qualified employees, limited life
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
2.
Disadvantages include limited life and
the potential for conflict between partners
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
3.
Disadvantages include double taxation and more government regulation
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
4.
Characteristics include owned by two or more people and may be general or limited
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
5.
You must file for permission to form from the national or state government
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
6.
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership.
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
7.
Advantages include full control, ease of start up, no separate taxes, and ease of start up.
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
8.
Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a
a)
partnership
b)
corporation
c)
sole proprietorship
d)
monopoly
9.
Which type of business organization places all the liability on a single owner?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
10.
Which type of business organization is managed by a Board of Directors?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
11.
Julie buys used clothes at garage sales and then auctions them off herself off the internet. Which type of business does she have?
a)
partnership
b)
proprietorship
c)
corporation
d)
conglomerate
12.
How is a corporation different from a sole proprietorship or partnership?
a)
Corporation has only one or two owners.
b)
Corporation is usually owned by one person.
c)
Corporations requires a legal charter to start.
d)
The owners of the corporation control the business.
13.
All partners are responsible for management and financial obligations of the business.
a)
General Partnership
b)
Limited Partnership
c)
Corporation
14.
At least one partner is not active in the daily running of the business and has limited responsibility for its debts and obligations.
a)
General Partnership
b)
Limited Partnership
c)
Corporation
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