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Business Models

Total questions: 64

Worksheet time: 35mins

Name
Class
Date
1.

A very large business with branches all over the world.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

2.

A father who wants to take his son into the business with him should form this type of business.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

3.

Someone who wants to control every aspect of their business should form this type of business.

a)

Sole Proprietor

b)

Partnership

c)

Corporation

4.

Over 2 millions people own stock in American Steel; what type of business is it?

a)

Sole Proprietorship

b)

Paartnership

c)

Corporation

5.

Maria is using her savings to open a shop selling clothing from Mexico. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

6.

Louise and Susan are meeting to plan a new advertising campaign for the town newspaper they own. What type of business do they have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

7.

When Luigi's Pizzeria went out of business, he was still responsible for paying all of the restaurant's bills. What type of business did he have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

8.

Marco's computer repair business has limited financial resources. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

9.

This business is long lasting, extending over several generation of owners; what type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

10.

This business is legally separate from individual owners, and the owners are not personally responsible for debts and obligations of the business. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

11.

When one owner dies, the business is usually dissolved. What type of business is it?

a)

Sole Proprieetorship

b)

Partnership

c)

Corporation

12.

Stockholders get paid dividends when this type of business makes money.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

13.

Max's Cupcake Shop is probably an example of a ...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

14.

Google, Amazon, and Facebook are examples of...

a)

Sole Proprietorships

b)

Partnerships

c)

Corporations

15.

Tracey and Doug's Dog Wash Boutique is probably an example of a...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

16.
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
17.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
18.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
19.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
20.
What is a business owned by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
21.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
22.
What is ONE advantage of a sole proprietorship?
a)
You make ALL the decisions
b)
Easy to raise money
c)
You have to share profits
23.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
24.
What is ONE advantage of a Corporation?
a)
Difficult to start
b)
Make all of the decisions
c)
Easy to raise money!
25.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
26.
Characteristics include owned by two or more people and may be general or limited
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
27.
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
28.
Which of the following is NOT a business organization?
a)
Sole Proprietorship
b)
Corporation
c)
Perfect Competition
d)
Partnership
29.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
30.
Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
a)
Consumer – a person who uses or consumes goods
b)
 Partnership –  partner in the lemonade stand
c)
Entrepreneur-  - person who takes a risk to start a new company
31.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
a)
corporation
b)
partnership
c)
proprietorship
32.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
33.
In which of the following would one person be responsible for all of the risks but also receive all of the profits?
a)
Corporation
b)
Propreitership
c)
Partnership
d)
Dual owner business
34.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
35.
Which of the following is an advantage of sole proprietorships:
a)
Limited liability
b)
Unlimited financial power
c)
Dual taxation
d)
Quick decision making
36.
Which of the following is a disadvantage of sole proprietorships:
a)
Limited capital
b)
Control 
c)
Privacy
d)
Tax liability
37.
Two local business owners want to reduce competition, so they decide to form one organization from the two companies. This is an example of a
a)
monopoly.
b)
hostile takeover.
c)
merger.
d)
trading bloc.
38.
Why would a company need to issue stock?  
a)
To increase its' customer base.
b)
To raise money.
c)
To stop the government from regulating it.
d)
To show customers that it's successful.
39.
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
40.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
41.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
42.
What type of corporation combines the benefits of a partnership and a corporation?
a)
Limited Liability Company
b)
Trust
c)
Company
43.
This type of business is subject to many more laws and are more difficult to form.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
44.
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
45.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
46.
This type of organization is a legal entity separate from its owners.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
47.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
48.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
49.
A partnership in which all partners assume full personal liability for debts of the firm
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
general partnership
50.
Partners who are only responsible up to the extent of their investment
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
special partnership
51.
Joe is starting a small home-based consulting business. He possesses computer knowledge but lacks marketing skills. The form of business ownership that Joe might consider establishing is a(n)
a)
corporation
b)
sole proprietorship
c)
monopoly
d)
general partnership.
52.
Which of the following is a disadvantage of corporations:
a)
High taxes
b)
Unlimited life
c)
Unlimited liability
d)
financial power
53.
Most expensive to start
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
54.
Shortest lifespan
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
55.
How is a corporation different from a sole proprietorship?
a)
Corporations are owned by only one person
b)
Corporations can sell stock to raise money for the business. 
c)
Sole proprietorships have limited liability for the owners.
d)
Sole proprietorships require a legal charter to start the business.
56.
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
57.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
58.
When comparing the four main types of business organization, which type protects owners the MOST from personal financial liability due to being sued by a customer?
a)
Corporation
b)
Franchise
c)
Partnership
d)
Sole proprietorship
59.
Which of the following is an advantage of sole proprietorships:
a)
Limited liability
b)
Unlimited financial power
c)
Dual taxation
d)
Quick decision making
60.
Guy and his brothers want to start a plumbing business together. What is an advantage of organizing the business as a partnership rather than a corporation?
a)
Partnerships can be started up quickly.
b)
Partnerships can issue stock to raise money.
c)
Partnerships have limited legal liability.
d)
Partnerships need a legal charter to begin.
61.
How are sole proprietorships and partnerships alike?
a)
Contracts are needed to start the businesses.
b)
Owners have complete control of the business.
c)
Owners have limited legal liability.
d)
The businesses are owned by one person.
62.
An entrepreneur can choose to have which type of business organization?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
All of the above
63.
What are companies that agree to divide market, set price & limit production?
a)
commodity
b)
economies of scale
c)
collusion
d)
price fixing
64.
What is a series of price cuts that lowers the market price below cost productions?
a)
Price Wars
b)
Price Leadership
c)
Price Fixing
d)
Commodity

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