Worksheets2.2 Business Ownership
Total questions: 30
Worksheet time: 20mins
Name
Class
Date
1.
A business owned and operated by just one person.
a)
Partnership
b)
Sole proprietorship
c)
S Corporation
d)
Corporation
2.
A business owned and managed by a small group--often not more than two or three people--who have entered into an agreement.
a)
Partnership
b)
Sole Proprietorship
c)
Franchise
d)
Corporation
3.
A written contract granting permission to a businessperson to sell someone else's product or service.
a)
Cooperative
b)
Partnership
c)
Franchise
d)
Joint Venture
4.
A business owned by a number of people and operated under written permission from the state that charters it.
a)
Joint Venture
b)
Franchise
c)
Nonprofit Corporation
d)
Corporation
5.
An agreement between two or more companies to share a business project
a)
S Corporation
b)
Joint Venture
c)
Cooperatives
d)
Nonprofit Corporation
6.
The process of determining what work has to be done and who is to do it.
a)
Planning
b)
Organizing
c)
Leading
d)
Controlling
7.
Officers of a corporation who have the responsibility for making company decisions.
a)
Stockholders
b)
Principals
c)
Board of directors
d)
Shareholders
8.
People who become owners of the corporation by purchasing shares of stock.
a)
Board of directors
b)
Stockholders
c)
CEO
d)
Partners
9.
When managers or supervisors compare what has been accomplished with what was planned.
a)
Planning
b)
Controlling
c)
Leading
d)
Organizing
10.
Form of ownership that is more difficult to form and faces more rules and regulations.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Cooperative
11.
Two advantages are: easiest form to start and owner makes all decisions.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
12.
An advantage is that the name, logo, color scheme, branding, etc. has already been established.
a)
Nonprofit corporation
b)
Partnership
c)
Cooperative
d)
Franchise
13.
There are many laws and regulations regarding employees' rights that must be known and followed by all sizes of businesses.
a)
Staffing
b)
Leading
c)
Planning
d)
Controlling
14.
The process of thinking, gathering, and analyzing information, as well as making decisions for the business.
a)
Planning
b)
Organizing
c)
Staffing
d)
Controlling
15.
Have unlimited liability, or legal and financial responsibility for debts.
a)
Sole proprietorship and Partnership
b)
Partnership and Franchise
c)
Corporation and Proprietorship
d)
Corporation and Partnership
16.
A business created for social, political, charitable, educational, or general welfare purposes.
a)
Cooperative
b)
Nonprofit corporation
c)
Joint venture
d)
S Corporation
17.
Directing employees in their work so that they perform tasks correctly and efficiently.
a)
Organizing
b)
Staffing
c)
Controlling
d)
Leading
18.
Combines the best features of a corporation and a partnership.
a)
Limited liability company
b)
Less liability company
c)
Liability lien company
d)
Lower Liability Cooperative
19.
Related to planning: determining whether or not operations are proceeding as planned.
a)
Organizing
b)
Staffing
c)
Leading
d)
Controlling
20.
One disadvantage of a sole proprietorship:
a)
Difficult to start
b)
Too many people involved in decision-making
c)
Ends with death of owner
d)
Business license expires after ten years
21.
Includes the many activities involved in finding, selecting, hiring, training, evaluating, and rewarding employees.
a)
Planning
b)
Leading
c)
Staffing
d)
Controlling
22.
Goals and standards are set and strategies and measurements are established.
a)
Controlling
b)
Leading
c)
Organizing
d)
Planning
23.
Must pay a fee along with a percentage of the profits to the parent company on a regular basis.
a)
Nonprofit organization
b)
Cooperative
c)
S Corporation
d)
Franchise
24.
An important part is assigning work to employees and observing employees as they perform their jobs.
a)
Controlling
b)
Leading
c)
Organizing
d)
Staffing
25.
Manufacturing companies often find joint ventures to be useful.
a)
True
b)
False
26.
Most businesses in the U.S. operate as partnerships.
a)
True
b)
False
27.
When managers or supervisors compare what has been accomplished with what was planned, they are engaging in the process known as control.
a)
True
b)
False
28.
Which of the following is an example of a nonprofit corporation?
a)
National Grid
b)
The American Red Cross
c)
Microsoft
d)
None of the above
29.
Double taxation occurs when both a corporation’s income and the owners’ dividends are subject to taxation.
a)
True
b)
False
30.
One advantage of an S corporation is
a)
It is the easiest type of business to start
b)
the owner has complete responsibility for all business decisions
c)
the elimination of double taxation
d)
it does not require any marketing efforts
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