WorksheetsTypes of Business Organization
Total questions: 10
Worksheet time: 5mins
A company wants to computerize its accounting system. It issues stocks to raise additional funds.
Sole Proprietorship
Partnership
Corporation
2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.
Sole Proprietorship
Partnership
Corporation
3. Mary opened a dance studio. She receives all the profits from her students’ lessons.
Sole Proprietorship
Partnership
Corporation
Mr. Lewis pays taxes on dividends for stocks he owns in a manufacturing company. The company also pays taxes on its income before distributing it to stockholders.
Sole Proprietorship
Partnership
Corporation
Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.
Sole Proprietorship
Partnership
Corporation
Mr. Wells owns a card shop. Because baseball cards have declined in popularity his business is struggling. He decides he has to sell his house to pay off his business debts.
Sole Proprietorship
Partnership
Corporation
Unger and Unger is a law firm consisting of two brothers who started their own business. They both are responsible for all profits and risks that their firm will have.
Sole Proprietorship
Partnership
Corporation
8. A person who takes a risk to produce goods and services in search of a profit is an entrepreneur. In which kind of business structure may entrepreneurs establish a business?
Partnerships and Corporations
Sole Proprietorships, Partnerships, and Corporations
Only Corporations
Sole Proprietorships and Corporations
9. What type of business is described in the diagram below?
Sole Proprietorships
Partnerships
Corporation
10. What characteristic of a corporation is missing from the diagram on the below?
Owner shares the profits with family members only
Stockholders share the profits
Main owner receives the majority of profits
Board of Supervisors has the final say on new products
