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types of business lc bus 6th

Total questions: 46

Worksheet time: 24mins

Name
Class
Date
1.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
2.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
3.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
4.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
5.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
6.
What is ONE advantage of a sole proprietorship?
a)
You make ALL the decisions
b)
Easy to raise money
c)
You have to share profits
7.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
8.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
9.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
10.
Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
a)
corporation
b)
partnership
c)
sole proprietorship
11.

2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

12.

3. Mary opened a dance studio. She receives all the profits from her students’ lessons.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

13.

When business is not associated with government agencies it is known as a __________________.

a)

Public Sector

b)

Nonprofit Organization

c)

Private Sector

d)

For Profit Organization

14.

A ________________ seeks to make a profit from its operations.

a)

Nonprofit Organization

b)

For-Profit Organization

c)

Public Sector

d)

Private Sector

15.

Government financed agencies are ____________________.

a)

Public Sector

b)

Private Sector

c)

Derived Demand

d)

Retailers

16.

Unlimited liabilty means...

a)

that you only lose what you invest in the business if it fails

b)

that you are responsible for all business debts if the business fails, you could even lose personal possessions

17.

A partnership can have how many partners?

a)

2-22

b)

2-30

c)

2-28

d)

2-20

18.

What does a partnership agreement contain? (pick 3)

a)

Their roles

b)

Their responsibilities

c)

How profits/losses are to be shared

d)

Their qualifications

19.

I want to open a dog walking company to earn some extra money. What kind of company should I start?

a)

Private limited company

b)

Sole trader

c)

Partnership

d)

Franchise

20.

What feature do a sole trader and a partnership share?

a)

Unlimited liabilty

b)

Share the profits

c)

Shared responsibilty

d)

Heavy workload

21.

Who owns and controls a private limited company?

a)

The shareholders

b)

The managers

c)

The employees

22.

You have to be invited to buy shares in a private limited company

a)

True

b)

False

23.

Which company started as a sole trader?

a)
b)
c)
d)
24.

Which company started as a partnership?

a)
b)
c)
d)
25.

The Franchisee pays the franchiser a % of sales or a set royalty each year for use of the business name and products/services.

a)

True

b)

False

26.

Pick 2 disadvantages of a Private Limited Company

a)

Profits are shared among more people

b)

Competitors may be able to access financial information

c)

Difficult to raise money

d)

High failure rate

27.

Pick 2 advantages of a franchisor

a)

Risks and uncertainty are shared

b)

Increase market share without heavy investment

c)

Company carries on regardless of personnel changes

28.

What sector of economy do sole traders operate in?

a)

Private

b)

Public

c)

Voluntary

29.

What sector of economy do franchises operate in?

a)

Private

b)

Public

c)

Voluntary

30.

What sector of economy does the NHS operate in?

a)

Private

b)

Public

c)

Voluntary

31.

A social enterprise...

a)

Relies on donations

b)

Aims to make a huge profit

c)

Has a main social or environmental aim

d)

Is owned by shareholders

32.

Which of the following is NOT a type of business ownership?

a)

partnership

b)

sole proprietorship

c)

entrepreneurship

d)

company

33.

Which of the following is defined as a business which is owned and operated by one individual?

a)

partnership

b)

sole proprietorship

c)

company

d)

franchise

34.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
35.

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

a)

Sole Proprietorship

b)

Partnership

c)

Company

d)

Franchise

36.

How is a company different from a sole proprietorship or partnership?

a)

A company has only one or two owners.

b)

A company is usually owned by one person.

c)

A company requires a legal charter with the state.

d)

The owners (stockholders) have limited liability.

37.
A characteristic of a sole proprietorship is that the owner:
a)
Has access to unlimited funds
b)
Receives all the profit
c)
Transfers all the risk
d)
Delegates all functions
38.

What is the definition of UNLIMITED LIABILITY?

a)

A legal obligation on the owners of a business to settle all debts of the business. In law there is no distinction between the assets and debts of the business and the personal assets and debts of the owner.

b)

Owners are not fully liable for the company’s debts.

39.

What type of business is: McDonalds

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

40.

What type of business is: Google

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

41.

What type of business is: Microsoft

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

42.

What type of business is: Ford Motor Company

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

43.

What type of business is: Dell

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

44.

What type of business is: Kearney and Sons Auto Service

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

45.

What type of business is: Morgan and Stanley Law Firm

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

46.

What type of business is: Neville Trucking

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

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