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WorksheetsBusiness Ownership Chapter 1
Total questions: 20
Worksheet time: 10mins
a business owned by two or more persons who share the risks and rewards
Partnership
Joint Venture
Cooperation
Stock –
shares of ownership in a corporation
Shares of ownership in a partnership
Fish
Intermediary is a business that acts as a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors
True
False
Sole proprietorship-a business owned by______ person
one
Two
any amount
a business treated by law as separate from its owners
Corporation
Partnership
tax business
Unlimited liability is a full legal and financial responsibility for a business.
True
False
Limited liability-financial responsibility of business owners only for what they invested in a business
True
False
a contractual agreement to use the name and sell the goods or services of an existing company
Franchise
Cooperation
Sole Proprietorship
Nonprofit organization-a business whose main purpose is to provide a service rather than to make a profit. An example of a nonprofit is
Wal-Mart
Church
Hair Salon
Cooperative-an organization of businesses owned and operated by the __________, who pool their resources and share the benefits
non-profit
government
members
Farmers Electric Company has members, this is an example of a _______________.
cooperative
company
stock
Service
are tangible objects that satisfy people's wants
are actions, such as haircuts and car repair, which also satisfy people's wants.
none of the above
Goods
are tangible objects that satisfy people's wants
are actions, such as haircuts and car repair, which also satisfy people's wants
none of the above
A logo helps brand recognition
True
False
When you open a new business, it will have a small start up cost.
True
False
McDonald's is a
franchise
cooperative
partnership
Sole Proprietorship
Great risk for the owner
Easy to create
little government regulation
All the above
a joint venture ends when a project is completed
True
False
Corporation–
Separate legal entity owned by one or more shareholders and managed by a board of directors
no limited liability to investors
easy to form
Wal- Mart is an example of a corporation
True
False
