WorksheetsForms of Business Organization
Total questions: 10
Worksheet time: 5mins
Tony and Alex own a saloon together. They share equal responsibility and each receive 50% of the profits. What form of business organization is this?
Sole Proprietorship
Partnership
Corporation
Cooperative
What is the main purpose or objective of business?
earn profit
create job
help other people
none of the choices
How is a general partnership organized?
Every partner shares equally in both responsibility and liability
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
No partner is responsible for the debts of the partnership beyond his or her investment
Only one partner is responsible for the debts of the partnership
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Sole Proprietorship
Partnership
Corporation
Cooperative
A partnership in which all partners assume full personal liability for debts of the firm
limited partnership
trading partnership
non-trading partnership
general partnership
Partners who are only responsible up to the extent of their investment
limited partnership
trading partnership
non-trading partnership
general partnership
The owners of a corporation are called
Directors
Partners
Shareholders
Founders
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Partnership
Sole Proprietorship
Corporation
Cooperative
Why are small businesses important to nation building?
Small businesses owned by sole proprietors are significant contributors to economic development, and job creation
Small businesses and partnerships are the main source of taxes in the country
They are the most active forms of business organizations who can only contribute to the overall growth of the community
They are not very important to nation building because they are only small in size
Which of the following is NOT a socio-economic contribution of the different forms of businesses?
Creation of jobs
Provide opportunities for women and minority groups to improve their lives
Generate taxes for infrastructure building
Make people rich by selling highly priced product
