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PBMF Ch 4 Business ownership

Total questions: 40

Worksheet time: 51mins

Name
Class
Date
1.

Which of the following is an advantage of a partnership?

a)

Unlimited Liability

b)

Arguments

c)

Agreement on strategy

d)

Easy to start

2.
A form of business ownership in which the owners share the risk of loss and the chance for profit is a(n)
a)
partnership
b)
sole proprietorship
c)
corporation
d)
LLC
3.
Corporations are governed by a(n)
a)
individual 
b)
partnership
c)
Board of Directors
d)
magnificent 7
4.
Name the type of corporation which operates to accomplish a specific mission—other than to earn income
a)
for profit
b)
non-profit
c)
Chapter 7 LLC
d)
S Corporation
5.
What type of business ownership allows individuals to purchase shares of stock and become owners?
a)
Sole proprietorship
b)
Partnership
c)
Corporation
6.
This is the easiest form of business to start and end.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
7.
Articles of incorporation must be filed with the appropriate state government office to form this.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
8.
Although this type of business can be formed through a verbal agreement between two or more individuals, it is better to have a written agreement
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
9.
This type of business is subject to many more laws and are more difficult to form.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
10.
One advantage of this type of business is that you have a broader set of skills
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
11.
Owners (or stockholders) of this type of organization enjoy limited liability.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
12.

What is the definition of UNLIMITED LIABILITY?

a)

A legal obligation on the owners of a business to settle all debts of the business. There is no distinction between the assets and debts of the business and the personal assets and debts of the owner.

b)

Owners are not fully liable for the company’s debts

13.
Can a partnership have other people working for them?
a)
Yes
b)
No
14.
A company that gathers materials in their original state from natural resources is called a(n) __________.
a)
procurer
b)
processor
c)
extractor
d)
wholesaler
15.
Processed goods are turned into finished products by a _________.
a)
fabricator
b)
manufacturer
c)
finisher
d)
processor
16.
This type of organization is a legal entity separate from its owners.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
17.
A business that moves goods from one business to another is called a(n)
a)
distributor
b)
transporter
c)
intermediary
d)
wholesaler
18.
A business that is owned by those using its services is called a
a)
corporation
b)
cooperative
c)
partnership
d)
S Corp
19.
When a corporation shares profits with its shareholders, it is called a(n)
a)
share of stock
b)
salary
c)
dividend
d)
liability
20.
Which one of these is NOT an alternative form of business ownership?
a)
partnership
b)
S Corp
c)
Cooperative
d)
Limited Liability Company
21.
Which one of these is NOT one of the 3 general types of businesses in the private sector?
a)
producers
b)
intermediaries
c)
service
d)
extractors
22.
___________ means that stockholders and owners are not personally responsible for the debts and obligations of a business.
a)
limited liability
b)
contingent liability
c)
unlimited liability
23.
Governmental agencies are considered _________ companies.
a)
public
b)
private
24.
Businesses that create the same type of products are all part of the same ___________
a)
union
b)
industry
c)
neighborhood
d)
banking system
25.
This type of company buys large quantities then breaks them down and sells to retailers
a)
wholesaler
b)
partnership
c)
LLC
d)
producers
26.

Which one of these is NOT a type of business in the private sector:

a)

producers

b)

service

c)

intermediary

d)

firefighters

27.
Which one of these is NOT an intermediary?
a)
Floral wholesaler
b)
New Car dealership
c)
Grocery Store
d)
mining company
28.

Which type of business is growing faster than any other type of business?

a)

manufacturer

b)

service

c)

extractor

d)

not for profit

29.

The customer of a service business is often called a

a)

client

b)

patron

c)

proprietor

d)

realtor

30.

A partner who does not participate in managing the business is a(n)

a)

limited partner

b)

unlimited partner

c)

general partner

d)

lazy partner

31.

Two common types of partnerships are

a)

general and unlimited

b)

general and cooperative

c)

general and limited

d)

limited and unlimited

32.

A coffee grower in Brazil is a

a)

manufacturer

b)

extractor

c)

producer

d)

farmer

33.

A company that mines coal is a

a)

producer

b)

extractor

c)

manufacturer

d)

retailer

34.
Usually must be dissolved if an owner leaves
a)
Proprietorship  
b)
Partnership    
c)
Corporation  
d)
All of these
35.
Nonprofit corporations do not have to pay corporate income taxes.
a)
true
b)
false
36.
What are the three categories of business?
a)
producers, intermediaries, farmers
b)
intermediaries, service businesses, manufacturers
c)
service businesses, manufacturers, corporations
d)
producers, intermediaries, service businesses
37.
A retailer is an example of a(n)
a)
extractor
b)
producer
c)
intermediary
d)
service business
38.
Physicians, web designers, and furniture movers are 
a)
intermediaries
b)
nonprofit corporations
c)
manufacturers
d)
service businesses
39.

What does DBA mean?

a)

Doing business as

b)

Don't buy any

c)

Done Being Available

d)

Doodle Bug Association

40.

If you were starting a business, would you have a partner(s) or stay a sole proprietor and why?

4 lines

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