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WorksheetsForms of organisations
Total questions: 15
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
Private company
Patnership
Two advantages of a partnership are:
The partners split the profit
Unlimited liability
Raise more capital than a sole trader
Share the workload
This type of business is subject to many more laws and are more difficult to form.
Proprietorship
Partnership
Joint Stock Company
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
Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?
Profit is shared
Financial accounts are kept private
Limited liability
Unlimited liability
Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?
Sole proprietorship
Partnership
Privately Held Corporation
Corporation
Two Brothers Pizza would most likely show which type of ownership
Partnership
Corporation
Stock and Bonds
Single Ownership
What form of business ownership is subject to the least taxation and government regulation?
Sole Proprietorship
Limited Partnership
Family owned business
Corporation
This type of business is owned by many people called shareholders.
Sole Proprietorship
Partnership
Corporation
Franchise
