Free Printable BUSINESS BUZZZZ

Worksheets

BUSINESS BUZZZZ

Total questions: 25

Worksheet time: 19mins

Name

Class

Date

Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?

corporation

partnership

sole proprietorship

Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean?

Consumer

Partner

sole proprietor

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?

company

partnership

proprietorship

A business partnership has ___________ who share the risks and the profits.

One owner

No more than three owners

Two or more owners

Five or more owners

Which of the following is an advantage of sole proprietorships:

Limited liability

Unlimited financial power

Dual taxation

Quick decision making

Which of the following is a disadvantage of sole proprietorships:

Limited capital

Control

Privacy

Tax liability

This type of business is owned by many people called shareholders.

Sole Proprietorship

Partnership

joint stock company

HUF

Nike, Google and Apple are examples of.....

Sole Proprietorships

Partnerships

Corporations

Franchises

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Partnership

Sole Proprietorship

Corporation

Franchise

10.

what is business ?

It is a transaction

It is a profit

it is a organisation

it is a transaction of trade for profit making

11.

Generally, how many people can be in a partnership?

1 - 2

3 - 10

2 - 50

20 +

12.

Which is not an example of a partnership?

Two mechanics working together

A builder and an architect working together

A dog washer

A tyre fitter and a mechanic

13.

What is a social enterprise

A business whose goal is to maximise profit

To meet society needs

To maximise sales

To maximise profit margins

14.

This type of business is considered a separate legal entity in the eyes of the law. It is owned by shareholders.

Cooperative

Company

Partnership

Sole Proprietorship

15.

One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.

True

False

16.

A DOCUMENT WHICH CONTAINS ALL THE TERMS AND CONDITIONS OF PARTNERSHIP IS CALLED AS (a)

17.

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

partnership

corporation

sole proprietorship

monopoly

18.

If you have full responsibility for your business debts this is known as ...

Unlimited Liability

Limited Liability

Personal Liability

19.

COSMETICS IS AN EXAMPLE OF WHICH INDUSTRY

ASSEMBLY

PROCESSING

SYNTHETIC

ANALYTICAL

20.

Fishing, Mining, Farming, and Forestry are examples of what economic activity?

Primary

Secondary

Teritiary

Quaternary

21.

Unlimited liability means?

The owner is personally liable to cover business debts and any costs the business can not cover

The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

A corporation is not responsible for taking care of lawsuits

A sole Proprietorship will have enough money and coverage to pay any and all debts

22.

Buying and selling of goods and services within the boundaries of a country are referred to as

A. internal trade

external trade

Export

IMPORT TRADE

23.

1. shareholders are also called as

owners of the company

executives of the company

partners of the company

guardian of the company

24.

(a) IS THE REWARD FOR RISK TAKING

25.

BUSINESS RISK ARISE DUE TO (a)

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BUSINESS BUZZZZ

Total questions: 25

Worksheet time: 19mins

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