WorksheetsBusiness Structures
Total questions: 25
Worksheet time: 1hrs 6mins
Name
Class
Date
1.
The profits and losses are shared between a few owners in this type of business.
a)
Company
b)
Social Enterprise
c)
Partnership
d)
Sole Proprietorship
2.
This type of business is considered a separate legal entity in the eyes of the law. It is owned by shareholders.
a)
Cooperative
b)
Company
c)
Partnership
d)
Sole Proprietorship
3.
Which of the following is not an advantage of a sole proprietorship?
a)
Easy to start
b)
Owner is their own boss
c)
Owner has unlimited liability
d)
Owner receives all the profits
4.
All individuals would be good at being their own boss, because we all like to do what we want.
a)
True
b)
False
5.
One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.
a)
True
b)
False
6.
A partnership agreement:
a)
Helps prevent disagreements
b)
Encourages disagreements
c)
Is a waste of time
d)
None of the above
7.
Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a
a)
partnership
b)
corporation
c)
sole proprietorship
d)
monopoly
8.
-Comprised of two preexisting companies
-Resources and talent pooled to achieve business objectives
-Business relationship is temporary; profits shared
-Resources and talent pooled to achieve business objectives
-Business relationship is temporary; profits shared
a)
Partnership
b)
Limited Partnership
c)
Franchise
d)
Joint Venture
9.
In a Partnership, the partner is also known as the:
a)
Financier
b)
Monopolist
c)
Venture Capitalist
d)
Silent Partner
10.
-General Partner provides business skill/talent
-Silent Partner provides capital
-Silent Partner enjoys limited input
-Silent Partner provides capital
-Silent Partner enjoys limited input
a)
Partnership
b)
Limited Liability Company
c)
Sole Trader
d)
Joint Venture
11.
-Owned by a single owner
-No separation between owner and business
-Unlimited personal liability
-No separation between owner and business
-Unlimited personal liability
a)
Corporation
b)
Limited Liability Company
c)
Partnership
d)
Sole Proprietorship
12.
-Publicly traded company
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital
-Governed by Board of Directors
-CEO, COO, CFO
-Stocks sold to raise capital
a)
Corporation
b)
Limited Liability Company
c)
Partnership
d)
Cooperative
13.
Only liable for up to the amount invested into the company, and has little to no voice in management.
a)
General Partner
b)
Proprietor
c)
Limited Partner
d)
Corporation
14.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
15.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
16.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
17.
What type of corporation combines the benefits of a partnership and a corporation?
a)
Limited Liability Company
b)
Trust
c)
Company
18.
This type of business is subject to many more laws and are more difficult to form.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
19.
The major policy and financial decision makers of a corporation are determined by the...
a)
CEO/GM/President
b)
Chairman of the Board
c)
Shareholders
d)
Board of Directors
20.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
21.
Owned by one individual.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
22.
Owned by two or more individuals.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
23.
Owners share the risks and the profits.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
24.
This type of organization is a legal entity separate from its owners.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
25.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
100 %
