WorksheetsFORMS OF BUSINESS ORGANIZATION
Total questions: 20
Worksheet time: 11mins
A business with one owner is known as a:
Company
Sole trader
Partnership
The two forms of business ownership with unlimited liability are:
Sole trader
Public company
Partnership
Private company
Advantages of a sole trader are:
Limited liability
The owner makes all the decisions
The owner takes all the profit
Can raise substantial capital
Advantages of a partnership are:
The partners split the profit
Unlimited liability
Raise more capital than a sole trader
Share the workload
Which of the following best describes the term limited liability? If the business fails:
Personal possessions of the owner can be taken to pay any debts
The owner is personally liable for all the debts of the business
There is no limit on the amount the owner has to pay to settle debts
The owner only loses the amount invested in the business
It is a form of business ownership, where there is one owner who's responsible for the business.
SOLE PROPRIETORSHIP
PROPRIETORSHIP
SOLE PREPRIOTERSHIP
SOAL PROPREITORSHIP
the potential for conflict between partners
The main disadvantage of a __________ is that each person is fully responsible for the acts of all other persons.
Proprietorship
Partnership
Corporation
Franchise
What term is defined as an enterprise that produces goods or services, usually to make a profit?
business organization
unlimited liability
stock
vertical merger
I am the only owner of my business.
I take all the risks of doing business.
I keep all the profits.
