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WorksheetsBusiness Ownership & Organizations Quiz
Total questions: 20
Worksheet time: 10mins
Sole Proprietorship
A business owned by two or more people
Business that is important to society but lacks the profit potential to attract private investors
A business owned and managed by one person
A business owned by a group of people
Partnership
A business owned by two or more people
Special type of corporation that is taxed as if it were a sole proprietorship or partnership. You only risk what you put into the corporation
A person or company purchases the ability to run a local business under a larger company's brand
An agreement among two or more businesses to work together to provide a good or service
Corporation
A business owned and managed by one person
A person or company purchases the ability to run a local business under a larger company's brand
A business owned by two or more people
A business owned by a group of people
Special type of corporation that is taxed as if it were a sole proprietorship or partnership. You only risk what you put into the corporation
Sole Proprietorship
Corporation
Limited Liability Corporation
Quasi-Public Corporation
A person or company purchases the ability to run a local business under a larger company's brand
Joint Venture
Franchise
Corporation
Sole Proprietorship
An agreement among two or more businesses to work together to provide a good or service
Joint Venture
Partnership
Franchise
Corporation
An organization that does not pay taxes and does not exist to make a profit
Partnership
Corporation
Limited Liability Corporation
Non Profit Corporation
Which of the following is NOT characteristic of entrepreneurs?
Entrepreneurs are self starters
Entrepreneurs like to make sure other do most of the work
Entrepreneurs enjoy working on their own
Entrepreneurs usually work hard and for long periods
Which of the following is not an advantage of a proprietorship?
The owner is her own boss
The owner receives all the profits
The owner deals with limited red tape
The owner pays more taxes than corporations do
Which of the following is an advantage of a partnership?
Partnerships may reduce competition
Partners may disagree
Partners are bound by contracts of other partners
Partnerships have an uncertain life
CORPORATION is a
Business Ownership
Organization
LIMITED LIABILITY CORPORATION (LLC)
Business Ownership
Organization
JOINT VENTURE is a
Business Ownership
Organization
NON-PROFIT CORPORATION is a
Business Ownership
Organization
"I want to own my business and run it the way I want" What business ownership or organization should I begin?
Joint Venture
Partnership
Sole Proprietorship
Franchise
"I own a big business. One of my competitors want to join together to take out both of our biggest rivals" What business ownership or organization should I begin?
Franchise
Joint Venture
Sole Proprietorship
Corporation
"I would like to own and manage a local 7-11 and put it up in Suffolk, VA" What business ownership or organization should I begin?
Joint Venture
Franchise
Partnership
Corporation
McDonald's can be franchised
True
False
H&M Clothing Store is a Service Based Business
True
False
Chick Fil A is a Product Based Business
True
False
