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Chapter 4 Business Studies Homework

Total questions: 62

Worksheet time: 3hrs 6mins

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 by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
6.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
7.
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
8.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
9.
What is ONE advantage of a Corporation?
a)
Difficult to start
b)
Make all of the decisions
c)
Easy to raise money!
10.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
11.
Characteristics include owned by two or more people and may be general or limited
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
12.
Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
13.
Which of the following is NOT a business organization?
a)
Sole Proprietorship
b)
Corporation
c)
Perfect Competition
d)
Partnership
14.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
15.
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
16.

A company wants to computerize its accounting system. It issues stocks to raise additional funds.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

17.

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

18.

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

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

19.

Mr. Lewis pays taxes on dividends for stocks he owns in a manufacturing company. The company also pays taxes on its income before distributing it to stockholders.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

20.

Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

21.

Mr. Wells owns a card shop. Because baseball cards have declined in popularity his business is struggling. He decides he has to sell his house to pay off his business debts.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

22.

Unger and Unger is a law firm consisting of two brothers who started their own business. They both are responsible for all profits and risks that their firm will have.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

23.

8. A person who takes a risk to produce goods and services in search of a profit is an entrepreneur. In which kind of business structure may entrepreneurs establish a business?

a)

Partnerships and Corporations

b)

Sole Proprietorships, Partnerships, and Corporations

c)

Only Corporations

d)

Sole Proprietorships and Corporations

24.

9. What type of business is described in the diagram below?

a)

Sole Proprietorships

b)

Partnerships

c)

Corporation

25.

10. What characteristic of a corporation is missing from the diagram on the below?

a)

Owner shares the profits with family members only

b)

Stockholders share the profits

c)

Main owner receives the majority of profits

d)

Board of Supervisors has the final say on new products

26.

Advantages of Sole proprietorship

a)

Easy to Form

b)

Quick Decision

c)

More Motivation- Gets to keep all the profit

d)

Direct relationship

e)

Shares losses

27.

Advantages of Partnership Firm

a)

Balanced decision

b)

Shares losses

c)

Easy to Form

d)

Single owner

e)

Availability of large resources

28.

Disadvantages of Sole proprietorship

a)

Limited Capital

b)

Easy to form

c)

Poor expertise

d)

Limited Size

e)

Lack of continuity

29.

Disadvantages of partnership firm.

a)

Unlimited liability

b)

Uncertain life

c)

Single owner

d)

Limited capital

30.

What does 'liability' mean?

a)

Responsibility

b)

Utility

c)

Satisfaction

d)

Legal qualifications

31.

Which type of business organization has limited liability?

a)

corporation

b)

sole proprietorship

c)

partnership

32.

Which type of business organization gets to keep all profits from the business?

a)

sole proprietorship

b)

corporation

c)

partnership

33.

Which type of business organization will keep going if the owner passes away?

a)

corporation

b)

sole proprietorship

c)

partnership

34.

Which type of business organization has only one owner?

a)

sole proprietorship

b)

partnership

c)

corporation

35.

Which type of business owner has more than one owner AND has unlimited liability?

a)

partnership

b)

corporation

c)

sole proprietorship

36.

_______________ and 'responsibility' are synonyms.

a)

Liability

b)

Lifespan

c)

Decision-making

d)

Barriers to entry

37.

Ja'Corey is afraid of starting a business, having the business fail, and losing his house. What term describes his fear?

a)

Liability

b)

Lifespan

c)

Decision-making

d)

Taxation

38.
A form of business organization with one owner who takes all the risks and all the profit is called - 
a)
partnership
b)
proprietorship
c)
corporation
d)
governorship
39.
A form of business organization with two or more owners who share the risks and the profits - 
a)
proprietorship
b)
corporation
c)
wholesale
d)
partnership
40.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
41.
What is the advantage of corporations?
a)
minimal government regulation
b)
limited liability
c)
short life span
d)
has one owner
42.
What kind of business is BEST described by these statements?
I am the only owner of my business. 
I take all the risks of doing business. 
I keep all the profits. 
a)
proprietorship
b)
corporation
c)
partnership
d)
cooperative
43.
Which of the following is the definition for Franchise
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
d)
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
44.
The people who make the major policy and financial decisions in a corporation are the 
a)
investors
b)
board of directors
c)
managers
d)
owners
45.

What term is defined as an enterprise that produces goods or services, usually to make a profit?

a)

business organization

b)

unlimited liability

c)

stock

d)

vertical merger

46.
What is a business owned and operated by one person?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
47.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
48.
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
49.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
50.
What is ONE disadvantage of a Partnership?
a)
Easier to start
b)
Have to share the profits
c)
Help in making decisions
51.
The best definition of a sole trader is a business that
a)
only employs one person
b)
is owned by one person
c)
has a single customer
d)
is a single firm in the industry
52.
One of the advantages of a sole trader business is that
a)
owners have limited liability
b)
shares can be sold to raise capital
c)
decisions and responsibilities can be shared
d)
the owner has complete control over decision making
53.
One disadvantage of a sole trader business is that
a)
capital is limited to the owner's savings and bank loans
b)
decisions take too long to make
c)
owners may disagree 
54.
One of the advantages of a partnership is that
a)
all partners have limited liability
b)
shares can be sold on the Stock Exchange
c)
the business can survive the death of the partners
d)
the business has access to more capital than a sole trader
55.
Which of the following is not a feature of a private limited company?
a)
Shares can be issued to raise capital
b)
Shares can be bought  and sold on the Stock Exchange
c)
All owners of the business have limited liability
d)
The business continues after the death of a shareholder
56.
The main reason why an entrepreneur will convert an LTD into a PLC is
a)
they don't want to remain in the private sector
b)
they want to gain the benefits of limited liability
c)
they want to keep the annual accounts secret
d)
they want to raise additional capital to expand the business
57.
One of the main disadvantages of a PLC is the
a)
loss of control by the owners as additional shares are sold
b)
firms in the public sector are often less efficient
c)
possibility that if a company fails owners might lose assets
58.
Which of the following statements about PLCs is most true
a)
The firm is owned and controlled by the workers
b)
The firm is owned by the directors but run by shareholders
c)
The firm is owned by shareholders and run by directors
d)
The firm is owned and controlled by the government
59.
One of the reasons an entrepreneur might buy a franchise is
a)
it is cheaper than setting up a new business venture
b)
there is complete control over important decisions
c)
the risk of failure is lower
60.
What is the advantage to a business of selling a franchise license to franchisee?
a)
The business can expand more quickly
b)
The franchisor owns all of the shops
c)
The business buying the franchise is likely to be successful
61.
One of the disadvantages of an entrepreneur buying a new franchise is
a)
the profits of the franchisor's business will be lower
b)
a share of the set up costs will be paid to the franchisor
c)
consumers are less likley to not all decisions are taken by the franchisee
d)
consumers are less likley to have heard of the franchise
62.
All of the following are advantages of joint ventures except
a)
The cost of a new project can be split between companies
b)
Manufacturing costs will be divided between the firms
c)
Joint venture companues can enjoy economies of scale
d)
Management of a joint venture might cause disagreement

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