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Business Ownership

Total questions: 43

Worksheet time: 32mins

Name
Class
Date
1.

Which of the following best describes the term limited liability? If the business fails:

a)

Personal possessions of the owner can be taken to pay any debts

b)

The owner is personally liable for all the debts of the business

c)

There is no limit on the amount the owner has to pay to settle debts

d)

The owner only loses the amount invested in the business

2.

Which of the following is an advantage of operating a large established business as a public limited company?

a)

Shares can be sold to the public to raise additional finance

b)

Financial accounts are published

c)

Shares can only be sold to invited investors to raise finance

d)

Owners have unlimited liability

3.
Only liable for up to the amount invested into the company, and has little to no voice in management.
a)
General Partner
b)
Proprietor
c)
Limited Partner
d)
Corporation
4.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
5.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
6.
What is the name of a person who owns part of a corporation?
a)
Stakeholder
b)
Shareholder
c)
Trust Agent
d)
Chairman
7.
This type of business is subject to many more laws and are more difficult to form.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
8.
Which of the following is an advantage of a partnership?
a)
Unlimited Liability
b)
Arguments
c)
Shared responsibility
d)
Less investors
9.
Owners share the risks and the profits.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
10.
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
11.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
12.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
13.
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
14.
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
15.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
16.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
17.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
18.
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
19.

No paperwork (charter or agreement) is required to start which type of business?

a)

Partnership

b)

Franchise

c)

Sole Proprietorship

d)

Corporation

20.

Which business depends on just one person for the skills and talents to run the business?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

21.

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

a)

sole partnership

b)

limited partnership

c)

general partnership

d)

franchise partnership

22.

A _______ forms boards to act as governing bodies. It is the most complicated form of business.

a)

franchise

b)

partnership

c)

sole proprietorship

d)

corporation

23.

Which of the following is NOT an example of a service business mentioned in the presentation?

a)

lawn care

b)

clothing store

c)

Web design

d)

Carpet cleaning

24.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
25.
What kind of corporation can be taxed in the same way as a partnership
a)
A Corporation
b)
"B" Corporation
c)
"C" Corporation
d)
"S" Corporation
26.

Advantages of a partnership are:

a)

The partners split the profit

b)

Unlimited liability

c)

Raise more capital than a sole trader

d)

Share the workload

27.
This type of organization is a legal entity separate from its owners.
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
28.

Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?

a)

Sole proprietorship

b)

Partnership

c)

Privately Held Corporation

d)

Corporation

29.

What form of business ownership is subject to the least taxation and government regulation?

a)

Sole Proprietorship

b)

Limited Partnership

c)

Family owned business

d)

Corporation

30.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
31.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
32.
What is a disadvantage of partnerships?
a)
ease of formation
b)
owners share responsibilities
c)
limited liability
d)
possibility of personality conflict
33.
The two types of producers are? 
a)
Manufactures & intermediaries 
b)
Extractors & intermediaries 
c)
Extractors & Manufactures 
d)
Wholesalers & retailers 
34.
People and businesses that sell the goods and services from producers to customers are called ______________
a)
Market providers 
b)
entreprenerus
c)
Business providers 
d)
intermediaries 
35.
A _________________ is a business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers. 
a)
Retailers 
b)
Costco 
c)
Wholesalers 
d)
Business to business 
36.
B2B means what? 
a)
Bib and Braces 
b)
Business to Building 
c)
Boohoo online 
d)
Business to business 
37.
B2C stands for? 
a)
Business to Community 
b)
Business to Customer
38.

What sector is this business?

a)

Public

b)

Private

c)

Social Enterprise

39.

Choose the best definition or meaning that explains what a public sector business does.

a)

It is a business that makes a profit.

b)

It is a business that is run by the government and provides important services to people.

c)

It is a business that uses some of its profit to help problems in the community.

40.

A ________________ seeks to make a profit from its operations.

a)

Nonprofit Organization

b)

For-Profit Organization

c)

Public Sector

d)

Private Sector

41.

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

42.

____________________ obtain goods from manufactures and resell them to organizational users.

a)

Retailers

b)

Wholesalers

c)

Production

d)

Industry

43.

__________________ buy goods from wholesalers or directly from manufacturers and resell them to the consumers.

a)

Wholesalers

b)

Retailers

c)

Non-Profit Organization

d)

Profit Organization

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