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3rd Form Quiz (Types of Business)

Total questions: 20

Worksheet time: 20mins

Name
Class
Date
1.
What is a business owned and operated by one person?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
2.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
3.
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
4.
Which is ONE disadvantage of Sole Proprietorship?
a)
Less direct control
b)
Disagreements
c)
Hard to raise money
5.
What is ONE disadvantage of a Partnership?
a)
Easier to start
b)
Have to share the profits
c)
Help in making decisions
6.
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
7.

Sole Traders have

a)

Unlimited Liability

b)

Limited Liability

8.

Private Limited Companies have

a)

Limited Liability

b)

Unlimited Liability

9.

Partnerships have

a)

Limited Liability

b)

Unlimited Liability

10.

Which of the following is the least complicated to set up?

a)

Sole Trader

b)

Partnership

c)

Private Limited Company

11.

How many People can be in a Partnership?

a)

Unlimited

b)

2 only

c)

Between 2 & 20

d)

Between 2 & 10

12.

Which 2 of these types of organisations must share their profits?

a)

Sole Trader

b)

Private Limited Company

c)

Partnership

13.
Which of the following is an advantage of a private limited comapany
a)
You can sell shares openly to anybody around the world
b)
You can gain more sales as the business is well known
c)
You can choose your own shareholders that are suitable for the business
d)
They have unlimited liability
14.

The main function of a business is to:

a)

provide goods and services

b)

cater to the well-being of citizens

c)

creates employment

d)

promote local industry

15.

Goods and services are produced mainly because:

a)

there is a demand and use for them

b)

there are too many producer

c)

there are too many consumer

d)

credit is easily obtained

16.

What is the maximum number of shareholders a private limited company can have?

a)

2

b)

10

c)

20

d)

50

17.

All the following are forms of business organization except?

a)

sole proprietorship

b)

partnership

c)

Private Limited Company

d)

salvation army

18.
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
19.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
20.

The owner's financial liability is not limited to investments in the business.

a)

Limited liability

b)

Unlimited Liability

c)

Limited Liability Company

d)

Limited Liability Partnership

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