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WorksheetsCh. 9 Quiz
Total questions: 15
Worksheet time: 45mins
Sole Proprietorship
The simplest type of business structure. You trade on your own and control and manage the business.
Two or more owners
Limited Liability
Easy to set up , owner keeps the profit, accounts are kept private, own boss
Partnership
unlimited liability, lack of continuity, lack of money, limited management skills, long working hours
A group of people (2+) who carry on a business as partners and jointly receive income.
A public company is a complex legal structure. It is a distinct legal entity and you can trade shares on the Stock Exchange
The simplest type of business structure. You trade on your own and control and manage the business.
Shareholder
A company that is privately owned, issues stock and has shareholders. The shares are not traded on the stock exchange.
Unlimited liability
A person who owns shares in a company and therefore gets part of the company's profits
Easy to set up , owner keeps the profit, accounts are kept private, own boss
Limited liability
A public company is a complex legal structure. It is a distinct legal entity and you can trade shares on the Stock Exchange
Two or more owners
unlimited liability, lack of continuity, lack of money, limited management skills, long working hours
Financial responsibility of business owners only for what they invested in a business
Unlimited liability
The owner is personally and fully responsible for all losses and debts of the business
A person who owns shares in a company and therefore gets part of the company's profits
More complicated to set up - legal formalities
A company that is privately owned, issues stock and has shareholders. The shares are not traded on the stock exchange
Partnership agreement
A person who owns shares in a company and therefore gets part of the company's profits
An agreement that clearly states what each partner of a business has agreed to It will also state name and function of the business; what each partner has invested & profit sharing ratio
A company that is privately owned, issues stock and has shareholders. The shares are not traded on the stock exchange
Limited liability because of the contract
Easy to set up , owner keeps the profit, accounts are kept private, own boss
Advantage of a sole proprietorship
Advantage of a corporation
Disadvantage of a proprietorship
Disadvantage of a corporation
Unlimited liability, lack of continuity, lack of money, limited management skills, long working hours
Advantage of a sole proprietorship
Advantage of a corporation
Disadvantage of a sole proprietorship
Disadvantage of a corporation
Advantage(s) of Partnership
Limited liability
Two or more owners to make decisions
Unlimited liability, lack of continuity, lack of money, limited management skills, long working hours
Easy to set up , owner keeps the profit, accounts are kept private, your own boss
Disadvantage(s) of Partnership
More complicated to set up - legal formalities
Must travel to the other headquarter buildings worldwide
The customer service representatives under you can be really annoying
Unlimited liability
Who does the CEO take direction from?
Board of directors
Shareholders
Senior management
Nobody
McDonalds is an example of a:
Sole proprietorship
Partnership
Corporation
Multinational Corporation
Which business organization has the potential for the most growth, physically and financially?
Sole proprietorship
Partnership
Corporation
Multinational Corporation
Conflict with the other boss is a major disadvantage in this business type
Sole proprietorship
Partnership
Corporation
Multinational Corporation
What class is this?
Economics
Biology
Government
US History
