WorksheetsTypes of Businesses
Total questions: 30
Worksheet time: 16mins
Name
Class
Date
1.
A business owned by one person
a)
Sole Proprietorship
b)
Franchise
c)
General Partnership
d)
Corporation
2.
A business owned by an individual but operates through a license agreement with a larger business
a)
Sole Proprietorship
b)
Franchise
c)
General Partnership
d)
Corporation
3.
A business owned by two or more people where both partners are involved equally.
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
4.
A business owned by two or more people where each partner operates separate portions of the business.
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
5.
The easiest business form for raising capital
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
6.
The hardest business form for raising capital
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
7.
This business has a disconnect between owners and managers.
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
8.
This business has the greatest likelihood of conflict between owners.
a)
Sole Proprietorship
b)
Franchise
c)
Partnership
d)
Corporation
9.
This business form has unlimited life
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
10.
The business exists only as long as the only owner allows it to.
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
11.
The business is most responsible for the wide variety of products that exist within a market
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
12.
The business reduces the liability of an owner by directly limiting their responsibility of running the business.
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
13.
All owners are fully responsible for any debt or legal action taken against the business.
a)
Franchise
b)
Limited Partnership
c)
General Partnership
d)
Corporation
14.
This form of business has the most limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
15.
This form of business has the most difficulty on finding highly qualified employees.
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
16.
This form of business has the most support for new owners.
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
17.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
18.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
19.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
20.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
21.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
22.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
23.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
24.
Which form of business is this?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
25.
A business owned by the individuals who have bought shares of the company
a)
Sole Proprietorship
b)
Limited Partnership
c)
General Partnership
d)
Corporation
26.
An individual who invests in a partnership, but has no role in running the business.
a)
General Partner
b)
Limited Partner
c)
Silent Partner
d)
Shareholder
27.
What is required to form a corporation?
a)
Charter
b)
Professional leaders
c)
License agreement
d)
Widespread distribution
28.
The owner is personally responsible for all losses, debts, and legal actions against the business.
a)
Limited Liability
b)
Unlimited Liability
c)
Unlimited Financial Responsibility
d)
Unlimited Life
29.
The change from general to limited partnership is due to...
a)
Adding the articles of partnership
b)
Changing liability
c)
Adding owners
d)
All of the answers are correct
30.
The difference between a franchise and sole proprietorship is...
a)
Sole proprietorship has more liability
b)
Franchisees get all products and support from the franchisor
c)
Tax programs
d)
All of the answers are correct
100 %
