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WorksheetsBusiness Ownership
Total questions: 25
Worksheet time: 18mins
Name
Class
Date
1.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
2.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
3.
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
4.
Law firms and doctor's offices are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
5.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
6.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
7.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
8.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
9.
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
10.
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
11.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
12.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
13.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
14.
Disadvantage of a Sole trader:
a)
Expensive to create
b)
Hard to employ people
c)
Doesn't generate much profit
d)
Unlimited liability
15.
An advantage of operating as a sole trader...
a)
Owner receives all profit
b)
No need to pay tax
c)
Investment from shareholders
d)
Cheaper advertising
16.
Business ownership in which 2 or more people share assets, liabilities, and profit
a)
Sole Trader
b)
Partnership
c)
Public limited company
d)
Private limted company
17.
A company with limited liability
a)
Sole Trader
b)
Partnership
c)
Public limited company
d)
Private limited company
18.
An advantage of a partnership...
a)
More profit for the owners
b)
Easier to recruit
c)
Shared responsibilities
d)
Unlimited liability
19.
Why does a company issue shares?
a)
To raise money that can be invested in the business
b)
To make more profit
c)
To get more owners
d)
To allow the business to be sold off
20.
Which of the following is an advantage of a private limited comapany
a)
You can sell shares openly to anybody around the world
b)
You can gain more sales as the business is well known
c)
You can choose your own shareholders that are suitable for the business
d)
They have unlimited liability
21.
Which of the following would be a reason to alter a company's aim and objectives
a)
The business has met their previous aims/objectives
b)
The business has made lots of profit
c)
The business employs a new owner
d)
A new financial year
22.
A public limited company...
a)
Is easier to set up than a private limited company
b)
Needs to have a minimum of 10 shareholders
c)
Has unlimited liability
d)
Must publish all of their accounts to the public
23.
Which of the following is a benefit of operating as a sole trader?
a)
Autonomy
b)
Higher sales
c)
Cheaper costs
d)
Easier to run
24.
What does the term 'Capital' mean?
a)
The money made from sales
b)
The money raised to start or develop a business
c)
The money in the owners savings
d)
The money the business has used to pay for advertising
25.
True or false: If a business has unlimited liability, the owners personal possessions are at risk if the business falls into debt.
a)
True
b)
False
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